Delaware
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76-0568219
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(State or Other Jurisdiction of
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(I.R.S. Employer Identification No.)
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||
Incorporation or Organization)
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1100 Louisiana Street, 10th Floor
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|||
Houston, Texas 77002
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|||
(Address of Principal Executive Offices, Including Zip Code)
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(713) 381-6500
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(Registrant’s Telephone Number, Including Area Code)
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Page No.
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June 30,
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December 31,
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|||||||
ASSETS
|
2010
|
2009
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 494.5 | $ | 54.7 | ||||
Restricted cash
|
19.1 | 63.6 | ||||||
Accounts and notes receivable – trade, net of allowance for doubtful accounts
of $17.5 at June 30, 2010 and $16.8 at December 31, 2009
|
2,913.5 | 3,099.0 | ||||||
Accounts receivable – related parties
|
29.8 | 38.4 | ||||||
Inventories
|
1,025.5 | 711.9 | ||||||
Prepaid and other current assets
|
423.2 | 279.3 | ||||||
Total current assets
|
4,905.6 | 4,246.9 | ||||||
Property, plant and equipment, net
|
18,332.0 | 17,689.2 | ||||||
Investments in unconsolidated affiliates
|
873.2 | 890.6 | ||||||
Intangible assets, net of accumulated amortization of $858.7 at
June 30, 2010 and $795.0 at December 31, 2009
|
1,896.1 | 1,064.8 | ||||||
Goodwill
|
2,050.6 | 2,018.3 | ||||||
Other assets
|
232.0 | 241.8 | ||||||
Total assets
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$ | 28,289.5 | $ | 26,151.6 | ||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of long-term debt
|
$ | 255.0 | $ | -- | ||||
Accounts payable – trade
|
457.9 | 410.6 | ||||||
Accounts payable – related parties
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136.9 | 69.8 | ||||||
Accrued product payables
|
3,120.9 | 3,393.0 | ||||||
Accrued interest
|
232.9 | 228.0 | ||||||
Other current liabilities
|
463.8 | 434.6 | ||||||
Total current liabilities
|
4,667.4 | 4,536.0 | ||||||
Long-term debt
(see Note 10)
|
12,416.5 | 11,346.4 | ||||||
Deferred tax liabilities
|
72.9 | 71.7 | ||||||
Other long-term liabilities
|
207.3 | 155.2 | ||||||
Commitments and contingencies
|
||||||||
Equity:
(see Note 11)
|
||||||||
Enterprise Products Partners L.P. partners’ equity:
|
||||||||
Limited Partners:
|
||||||||
Common units (633,084,119 units outstanding at June 30, 2010
and 603,202,828 units outstanding at December 31, 2009)
|
10,053.0 | 9,173.5 | ||||||
Restricted common units (3,638,381 units outstanding at June 30, 2010
and 2,720,882 units outstanding at December 31, 2009)
|
49.3 | 37.7 | ||||||
Class B units (4,520,431 units outstanding at June 30, 2010 and December 31, 2009)
|
118.5 | 118.5 | ||||||
General partner
|
208.8 | 190.8 | ||||||
Accumulated other comprehensive loss
|
(33.2 | ) | (8.4 | ) | ||||
Total Enterprise Products Partners L.P. partners’ equity
|
10,396.4 | 9,512.1 | ||||||
Noncontrolling interest
|
529.0 | 530.2 | ||||||
Total equity
|
10,925.4 | 10,042.3 | ||||||
Total liabilities and equity
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$ | 28,289.5 | $ | 26,151.6 |
For the Three Months
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For the Six Months
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|||||||||||||||
Ended June 30,
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Ended June 30,
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|||||||||||||||
2010
|
2009* | 2010 | 2009* | |||||||||||||
Revenues:
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||||||||||||||||
Third parties
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$ | 7,427.4 | $ | 5,342.0 | $ | 15,739.5 | $ | 10,009.4 | ||||||||
Related parties
|
116.0 | 92.3 | 348.4 | 311.8 | ||||||||||||
Total revenues (see Note 12)
|
7,543.4 | 5,434.3 | 16,087.9 | 10,321.2 | ||||||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Third parties
|
6,676.1 | 4,771.1 | 14,324.0 | 8,918.2 | ||||||||||||
Related parties
|
298.1 | 253.4 | 622.1 | 482.9 | ||||||||||||
Total operating costs and expenses
|
6,974.2 | 5,024.5 | 14,946.1 | 9,401.1 | ||||||||||||
General and administrative costs:
|
||||||||||||||||
Third parties
|
14.6 | 21.5 | 28.7 | 29.4 | ||||||||||||
Related parties
|
23.3 | 24.6 | 46.8 | 51.6 | ||||||||||||
Total general and administrative costs
|
37.9 | 46.1 | 75.5 | 81.0 | ||||||||||||
Total costs and expenses (see Note 12)
|
7,012.1 | 5,070.6 | 15,021.6 | 9,482.1 | ||||||||||||
Equity in income of unconsolidated affiliates
|
16.7 | 9.6 | 32.7 | 17.0 | ||||||||||||
Operating income
|
548.0 | 373.3 | 1,099.0 | 856.1 | ||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(168.6 | ) | (158.5 | ) | (317.2 | ) | (311.0 | ) | ||||||||
Interest income
|
0.5 | 0.7 | 0.7 | 1.6 | ||||||||||||
Other, net
|
(0.1 | ) | 0.1 | (0.2 | ) | 0.4 | ||||||||||
Total other expense, net
|
(168.2 | ) | (157.7 | ) | (316.7 | ) | (309.0 | ) | ||||||||
Income before provision for income taxes
|
379.8 | 215.6 | 782.3 | 547.1 | ||||||||||||
Provision for income taxes
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(6.5 | ) | (3.1 | ) | (15.2 | ) | (19.1 | ) | ||||||||
Net income
|
373.3 | 212.5 | 767.1 | 528.0 | ||||||||||||
Net income attributable to noncontrolling interests
|
(16.1 | ) | (25.9 | ) | (32.1 | ) | (116.1 | ) | ||||||||
Net income attributable to Enterprise Products Partners L.P.
|
$ | 357.2 | $ | 186.6 | $ | 735.0 | $ | 411.9 | ||||||||
Allocation of net income attributable to
|
||||||||||||||||
Enterprise Products Partners L.P.:
|
||||||||||||||||
Limited partners
|
$ | 294.3 | $ | 147.0 | $ | 611.7 | $ | 333.3 | ||||||||
General partner
|
$ | 62.9 | $ | 39.6 | $ | 123.3 | $ | 78.6 | ||||||||
Basic earnings per unit
(see Note 14)
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$ | 0.46 | $ | 0.32 | $ | 0.97 | $ | 0.73 | ||||||||
Diluted earnings per unit
(see Note 14)
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$ | 0.46 | $ | 0.32 | $ | 0.96 | $ | 0.73 |
For the Three Months
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For the Six Months
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|||||||||||||||
Ended June 30,
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Ended June 30,
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|||||||||||||||
2010
|
2009* | 2010 | 2009* | |||||||||||||
Net income
|
$ | 373.3 | $ | 212.5 | $ | 767.1 | $ | 528.0 | ||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Cash flow hedges:
|
||||||||||||||||
Commodity derivative instrument gains (losses) during period
|
92.0 | (76.6 | ) | 33.1 | (138.6 | ) | ||||||||||
Reclassification adjustment for (gains) losses included in net income
related to commodity derivative instruments
|
(1.5 | ) | 66.3 | 15.0 | 98.5 | |||||||||||
Interest rate derivative instrument gains (losses) during period
|
(70.8 | ) | 15.8 | (76.5 | ) | 15.1 | ||||||||||
Reclassification adjustment for losses included in net income
related to interest rate derivative instruments
|
3.3 | 2.5 | 6.6 | 4.8 | ||||||||||||
Foreign currency derivative gains (losses) during period
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(0.1 | ) | 0.1 | (0.2 | ) | (10.5 | ) | |||||||||
Reclassification adjustment for gains included in net income
related to foreign currency derivative instruments
|
-- | -- | (0.3 | ) | -- | |||||||||||
Total cash flow hedges
|
22.9 | 8.1 | (22.3 | ) | (30.7 | ) | ||||||||||
Foreign currency translation adjustment
|
(0.8 | ) | 1.0 | (0.2 | ) | 0.6 | ||||||||||
Change in funded status of pension and postretirement plans, net of tax
|
-- | -- | (0.9 | ) | -- | |||||||||||
Total other comprehensive income (loss)
|
22.1 | 9.1 | (23.4 | ) | (30.1 | ) | ||||||||||
Comprehensive income
|
395.4 | 221.6 | 743.7 | 497.9 | ||||||||||||
Comprehensive income attributable to noncontrolling interests
|
(16.8 | ) | (27.5 | ) | (33.5 | ) | (119.7 | ) | ||||||||
Comprehensive income attributable to Enterprise Products Partners L.P.
|
$ | 378.6 | $ | 194.1 | $ | 710.2 | $ | 378.2 |
For the Six Months
|
||||||||
Ended June 30,
|
||||||||
2010
|
2009* | |||||||
Operating activities:
|
||||||||
Net income
|
$ | 767.1 | $ | 528.0 | ||||
Adjustments to reconcile net income to net cash
flows provided by operating activities:
|
||||||||
Depreciation, amortization and accretion
|
451.4 | 407.7 | ||||||
Non-cash asset impairment charges
|
1.5 | 2.3 | ||||||
Equity in income of unconsolidated affiliates
|
(32.7 | ) | (17.0 | ) | ||||
Distributions received from unconsolidated affiliates
|
58.8 | 33.5 | ||||||
Operating lease expenses paid by EPCO
|
0.3 | 0.3 | ||||||
Gains from asset sales and related transactions
|
(5.7 | ) | (0.4 | ) | ||||
Loss on forfeiture of investment in Texas Offshore Port System
|
-- | 68.4 | ||||||
Deferred income tax expense
|
1.3 | 1.8 | ||||||
Changes in fair market value of derivative instruments
|
(5.0 | ) | (12.0 | ) | ||||
Effect of pension settlement recognition
|
(0.2 | ) | (0.1 | ) | ||||
Net effect of changes in operating accounts (see Note 17)
|
(336.5 | ) | (377.5 | ) | ||||
Net cash flows provided by operating activities
|
900.3 | 635.0 | ||||||
Investing activities:
|
||||||||
Capital expenditures
|
(746.8 | ) | (834.2 | ) | ||||
Contributions in aid of construction costs
|
8.7 | 10.3 | ||||||
Decrease in restricted cash
|
52.6 | 19.4 | ||||||
Cash used for business combinations (see Note 8)
|
(1,220.2 | ) | (73.7 | ) | ||||
Acquisition of intangible assets
|
-- | (1.4 | ) | |||||
Investments in unconsolidated affiliates
|
(10.2 | ) | (9.8 | ) | ||||
Proceeds from asset sales and related transactions
|
24.1 | 0.6 | ||||||
Other investing activities
|
-- | 1.5 | ||||||
Cash used in investing activities
|
(1,891.8 | ) | (887.3 | ) | ||||
Financing activities:
|
||||||||
Borrowings under debt agreements
|
3,538.8 | 3,544.4 | ||||||
Repayments of debt
|
(2,215.0 | ) | (3,023.6 | ) | ||||
Debt issuance costs
|
(14.8 | ) | (5.4 | ) | ||||
Cash distributions paid to partners
|
(830.9 | ) | (566.1 | ) | ||||
Unit option-related reimbursements to EPCO
|
(2.2 | ) | (0.3 | ) | ||||
Cash distributions paid to noncontrolling interests
|
(36.6 | ) | (210.6 | ) | ||||
Cash contributions from noncontrolling interests
|
1.9 | 124.3 | ||||||
Net cash proceeds from issuance of common units
|
990.1 | 398.6 | ||||||
Cash proceeds from exercise of unit options
|
1.6 | 0.2 | ||||||
Acquisition of treasury units
|
(3.0 | ) | -- | |||||
Monetization of interest rate derivative instruments
|
1.3 | -- | ||||||
Cash provided by financing activities
|
1,431.2 | 261.5 | ||||||
Effect of exchange rate changes on cash
|
0.1 | (2.2 | ) | |||||
Net change in cash and cash equivalents
|
439.7 | 9.2 | ||||||
Cash and cash equivalents, January 1
|
54.7 | 61.7 | ||||||
Cash and cash equivalents, June 30
|
$ | 494.5 | $ | 68.7 |
Enterprise Products Partners L.P.
|
||||||||||||||||||||
Limited Partners
|
General Partner
|
Accumulated Other Comprehensive Loss
|
Noncontrolling Interest
|
Total
|
||||||||||||||||
Balance, December 31, 2009
|
$ | 9,329.7 | $ | 190.8 | $ | (8.4 | ) | $ | 530.2 | $ | 10,042.3 | |||||||||
Net income
|
611.7 | 123.3 | -- | 32.1 | 767.1 | |||||||||||||||
Operating lease expenses paid by EPCO
|
0.3 | -- | -- | -- | 0.3 | |||||||||||||||
Cash distributions paid to partners
|
(705.7 | ) | (125.2 | ) | -- | -- | (830.9 | ) | ||||||||||||
Unit option-related reimbursements to EPCO
|
(2.2 | ) | -- | -- | -- | (2.2 | ) | |||||||||||||
Cash distributions paid to noncontrolling interests
|
-- | -- | -- | (36.6 | ) | (36.6 | ) | |||||||||||||
Net cash proceeds from issuance of common units
|
970.3 | 19.8 | -- | -- | 990.1 | |||||||||||||||
Cash proceeds from exercise of unit options
|
1.6 | -- | -- | -- | 1.6 | |||||||||||||||
Cash contributions from noncontrolling interests
|
-- | -- | -- | 1.9 | 1.9 | |||||||||||||||
Amortization of equity awards
|
17.9 | 0.3 | -- | 0.2 | 18.4 | |||||||||||||||
Acquisition of treasury units
|
(3.0 | ) | -- | -- | -- | (3.0 | ) | |||||||||||||
Foreign currency translation adjustment
|
-- | -- | (0.2 | ) | -- | (0.2 | ) | |||||||||||||
Cash flow hedges
|
-- | -- | (23.7 | ) | 1.4 | (22.3 | ) | |||||||||||||
Other
|
0.2 | (0.2 | ) | (0.9 | ) | (0.2 | ) | (1.1 | ) | |||||||||||
Balance, June 30, 2010
|
$ | 10,220.8 | $ | 208.8 | $ | (33.2 | ) | $ | 529.0 | $ | 10,925.4 |
Enterprise Products Partners L.P.
|
||||||||||||||||||||
Limited Partners
|
General Partner
|
Accumulated Other Comprehensive Loss
|
Noncontrolling Interest
|
Total
|
||||||||||||||||
Balance, December 31, 2008*
|
$ | 6,063.1 | $ | 123.6 | $ | (97.2 | ) | $ | 3,206.4 | $ | 9,295.9 | |||||||||
Net income
|
333.3 | 78.6 | -- | 116.1 | 528.0 | |||||||||||||||
Operating lease expenses paid by EPCO
|
0.3 | -- | -- | -- | 0.3 | |||||||||||||||
Cash distributions paid to partners
|
(484.4 | ) | (81.7 | ) | -- | -- | (566.1 | ) | ||||||||||||
Unit option-related reimbursements to EPCO
|
(0.3 | ) | -- | -- | -- | (0.3 | ) | |||||||||||||
Cash distributions paid to noncontrolling interests
|
-- | -- | -- | (210.6 | ) | (210.6 | ) | |||||||||||||
Deconsolidation of Texas Offshore Port System (see Note 1)
|
-- | -- | -- | (33.4 | ) | (33.4 | ) | |||||||||||||
Net cash proceeds from issuance of common units
|
390.6 | 8.0 | -- | -- | 398.6 | |||||||||||||||
Cash proceeds from exercise of unit options
|
0.2 | -- | -- | -- | 0.2 | |||||||||||||||
Cash contributions from noncontrolling interests
|
-- | -- | -- | 124.3 | 124.3 | |||||||||||||||
Amortization of equity awards
|
8.0 | 0.1 | -- | 2.0 | 10.1 | |||||||||||||||
Foreign currency translation adjustment
|
-- | -- | 0.6 | -- | 0.6 | |||||||||||||||
Cash flow hedges
|
-- | -- | (34.3 | ) | 3.6 | (30.7 | ) | |||||||||||||
Other
|
-- | -- | -- | (0.1 | ) | (0.1 | ) | |||||||||||||
Balance, June 30, 2009*
|
$ | 6,310.8 | $ | 128.6 | $ | (130.9 | ) | $ | 3,208.3 | $ | 9,516.8 |
June 30, 2010
|
December 31, 2009
|
|||||||||||||||
Financial Instruments
|
Carrying
Value
|
Fair
Value
|
Carrying
Value
|
Fair
Value
|
||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents and restricted cash
|
$ | 513.6 | $ | 513.6 | $ | 118.3 | $ | 118.3 | ||||||||
Accounts receivable
|
2,943.3 | 2,943.3 | 3,137.4 | 3,137.4 | ||||||||||||
Financial liabilities:
|
||||||||||||||||
Accounts payable and accrued expenses
|
3,948.6 | 3,948.6 | 4,101.4 | 4,101.4 | ||||||||||||
Other current liabilities (excluding derivative instruments)
|
331.7 | 331.7 | 341.6 | 341.6 | ||||||||||||
Fixed-rate debt (principal amount)
|
12,032.7 | 12,665.8 | 10,586.7 | 11,056.2 | ||||||||||||
Variable-rate debt
|
594.8 | 594.8 | 710.3 | 710.3 |
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Restricted unit awards (1)
|
$ | 7.6 | $ | 3.8 | $ | 12.9 | $ | 6.2 | ||||||||
Unit option awards (1)
|
0.9 | 0.6 | 1.8 | 0.7 | ||||||||||||
Unit appreciation rights (2)
|
0.1 | -- | 0.2 | -- | ||||||||||||
Phantom units (2)
|
0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||
Profits interests awards (1)
|
1.8 | 2.0 | 3.6 | 3.4 | ||||||||||||
Total compensation expense
|
$ | 10.5 | $ | 6.5 | $ | 18.6 | $ | 10.4 | ||||||||
(1)
Accounted for as equity-classified awards.
(2)
Accounted for as liability-classified awards.
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit
(1)
|
|||||||
Enterprise Products Partners L.P. restricted unit awards:
|
||||||||
Restricted units at December 31, 2009
|
2,720,882 | $ | 27.70 | |||||
Granted (2,3)
|
1,332,875 | $ | 32.26 | |||||
Vested (3)
|
(322,228 | ) | $ | 25.12 | ||||
Forfeited
|
(93,148 | ) | $ | 29.51 | ||||
Restricted units at June 30, 2010
|
3,638,381 | $ | 29.69 | |||||
Duncan Energy Partners L.P. restricted unit awards:
|
||||||||
Restricted units at December 31, 2009
|
-- | |||||||
Granted (3,4)
|
6,348 | $ | 25.26 | |||||
Vested (3)
|
(6,348 | ) | $ | 25.26 | ||||
Restricted units at June 30, 2010
|
-- | |||||||
(1)
Determined by dividing the aggregate grant date fair value of awards before an allowance for forfeitures by the number of awards issued.
(2)
Aggregate grant date fair value of restricted unit awards denominated in our common units was $43.0 million based on grant date market price of our common units ranging from $32.00 to $32.27 per unit. Estimated forfeiture rates ranging between 4.6% and 17% were applied to these awards.
(3)
Includes awards granted to the independent directors of the boards of directors of EPGP and DEP GP as part of their annual compensation for 2010. A total of 6,960 and 6,348 restricted unit awards were issued in February 2010 to the independent directors of EPGP and DEP GP, respectively, that immediately vested upon issuance.
(4)
Aggregate grant date fair value of restricted unit awards denominated in Duncan Energy Partners’ common units was $0.2 million based on a grant date market price of Duncan Energy Partners’ common units of $25.26 per unit.
|
Number of
Units
|
Weighted-
Average
Strike Price
(dollars/unit)
|
Weighted-
Average
Remaining
Contractual
Term (in years)
|
Aggregate
Intrinsic
Value
(1)
|
|||||||||||||
Outstanding at December 31, 2009
|
3,825,920 | $ | 26.52 | |||||||||||||
Granted (2)
|
785,000 | $ | 32.26 | |||||||||||||
Exercised
|
(222,500 | ) | $ | 24.60 | ||||||||||||
Outstanding at June 30, 2010
|
4,388,420 | $ | 27.65 | 4.3 | $ | 6.5 | ||||||||||
Options exercisable at June 30, 2010
|
635,000 | $ | 25.11 | 5.3 | $ | 6.5 | ||||||||||
(1)
Aggregate intrinsic value reflects fully vested unit options at the date indicated.
(2)
Aggregate grant date fair value of these unit options was $2.3 million based on the following assumptions: (i) a weighted-average grant date market price of our common units of $32.26 per unit; (ii) weighted-average expected life of options of 4.9 years; (iii) weighted-average risk-free interest rate of 2.5%; (iv) weighted-average expected distribution yield on our common units of 6.9%; and (v) weighted-average expected unit price volatility on our common units of 23.3%. An estimated forfeiture rate of 17% was applied to awards granted during 2010.
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Total intrinsic value of option awards exercised during period
|
$ | 1.3 | $ | 0.2 | $ | 2.2 | $ | 0.3 | ||||||||
Cash received from EPCO in connection with the exercise of unit option awards
|
1.0 | 0.1 | 1.6 | 0.2 | ||||||||||||
Unit option-related reimbursements to EPCO
|
1.3 | 0.2 | 2.2 | 0.3 |
UARs Based on Units of
|
||||||||||||
Enterprise Products Partners
|
Enterprise GP Holdings
|
Total
|
||||||||||
UARs at December 31, 2009
|
142,196 | 90,000 | 232,196 | |||||||||
Settled or forfeited
|
(10,255 | ) | -- | (10,255 | ) | |||||||
UARs at June 30, 2010
|
131,941 | 90,000 | 221,941 |
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Accrued liability for UARs
|
$ | 0.6 | $ | 0.3 |
Phantom units at December 31, 2009
|
14,927 | |||
Granted
|
6,200 | |||
Vested
|
(4,327 | ) | ||
Phantom units at June 30, 2010
|
16,800 |
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Liabilities paid for phantom unit awards
|
$ | -- | $ | 0.3 | $ | 0.1 | $ | 1.1 |
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Accrued liability for phantom unit awards
|
$ | 0.2 | $ | 0.2 |
§
|
Changes in the fair value of a recognized asset or liability, or an unrecognized firm commitment - In a fair value hedge, gains and losses for both the derivative instrument and the hedged item are recognized in income during the period of change.
|
§
|
Variable cash flows of a forecasted transaction - In a cash flow hedge, the effective portion of the hedge is reported in other comprehensive income (loss) and is reclassified into earnings when the forecasted transaction affects earnings.
|
§
|
Foreign currency exposure - A foreign currency hedge can be treated as either a fair value hedge or a cash flow hedge depending on the risk being hedged.
|
Hedged Transaction
|
Number and Type of
Derivative(s) Employed
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
Enterprise Products Partners:
|
|||||
Senior Notes C
|
1 fixed-to-floating swap
|
$100.0
|
1/04 to 2/13
|
6.4% to 2.3%
|
Fair value hedge
|
Senior Notes G
|
3 fixed-to-floating swaps
|
$300.0
|
10/04 to 10/14
|
5.6% to 1.4%
|
Fair value hedge
|
Senior Notes P
|
7 fixed-to-floating swaps
|
$400.0
|
6/09 to 8/12
|
4.6% to 2.7%
|
Fair value hedge
|
Duncan Energy Partners:
|
|||||
Variable-rate borrowings
|
3 floating-to-fixed swaps
|
$175.0
|
9/07 to 9/10
|
0.5% to 4.6%
|
Cash flow hedge
|
Hedged Transaction
|
Number and Type of
Derivatives Employed
|
Notional
Amount
|
Expected Termination
Date
|
Average Rate
Locked
|
Accounting
Treatment
|
Future debt offering
|
3 forward starting swaps
|
$250.0
|
2/11
|
3.7%
|
Cash flow hedge
|
Future debt offering
|
10 forward starting swaps
|
$500.0
|
2/12
|
4.5%
|
Cash flow hedge
|
Future debt offering
|
3 forward starting swaps
|
$150.0
|
8/12
|
4.0%
|
Cash flow hedge
|
Future debt offering
|
4 forward starting swaps
|
$400.0
|
3/13
|
4.1%
|
Cash flow hedge
|
§
|
The objective of our natural gas processing strategy is to hedge an amount of gross margin associated with our gas processing activities. We achieve this objective by using physical and financial instruments to lock in the purchase prices of natural gas consumed as PTR and the sales prices of the related NGL products. This program consists of (i) the forward sale of a portion of our expected equity NGL production at fixed prices through December 2010, which is achieved through the use of forward physical sales contracts and commodity derivative instruments and (ii) the purchase of commodity derivative instruments having a notional amount based on the volume of natural gas expected to be consumed as PTR in the production of such equity NGL production.
|
§
|
The objective of our NGL, refined products and crude oil sales hedging program is to hedge the margins of anticipated future sales of inventory by locking in sales prices through the use of forward physical sales contracts and commodity derivative instruments.
|
§
|
The objective of our natural gas inventory hedging program is to hedge the fair value of natural gas currently held in inventory by locking in the sales price of the inventory through the use of commodity derivative instruments.
|
Asset Derivatives
|
Liability Derivatives
|
|||||||||||||||||||
June 30, 2010
|
December 31, 2009
|
June 30, 2010
|
December 31, 2009
|
|||||||||||||||||
Balance Sheet Location
|
Fair
Value
|
Balance Sheet Location
|
Fair
Value
|
Balance Sheet Location
|
Fair
Value
|
Balance Sheet Location
|
Fair
Value
|
|||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||||||
Interest rate derivatives
|
Other current
assets
|
$ | 28.5 |
Other current
assets
|
$ | 32.7 |
Other current
liabilities
|
$ | 11.5 |
Other current
liabilities
|
$ | 5.5 | ||||||||
Interest rate derivatives
|
Other assets
|
31.4 |
Other assets
|
31.8 |
Other liabilities
|
46.9 |
Other
liabilities
|
2.2 | ||||||||||||
Total interest rate derivatives
|
59.9 | 64.5 | 58.4 | 7.7 | ||||||||||||||||
Commodity derivatives
|
Other current
assets
|
122.0 |
Other current
assets
|
52.0 |
Other current
liabilities
|
65.0 |
Other current
liabilities
|
62.6 | ||||||||||||
Commodity derivatives
|
Other assets
|
3.2 |
Other assets
|
0.5 |
Other liabilities
|
2.8 |
Other liabilities
|
1.8 | ||||||||||||
Total commodity derivatives
(1)
|
125.2 | 52.5 | 67.8 | 64.4 | ||||||||||||||||
Foreign currency derivatives
|
Other current
assets
|
-- |
Other current
assets
|
0.2 |
Other current
liabilities
|
0.1 |
Other current
liabilities
|
-- | ||||||||||||
Total derivatives designated
as hedging instruments
|
$ | 185.1 | $ | 117.2 | $ | 126.3 | $ | 72.1 | ||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||
Commodity derivatives
|
Other current
assets
|
$ | 52.4 |
Other current
assets
|
$ | 28.9 |
Other current
liabilities
|
$ | 55.5 |
Other current
liabilities
|
$ | 24.9 | ||||||||
Commodity derivatives
|
Other assets
|
2.4 |
Other assets
|
2.0 |
Other liabilities
|
8.7 |
Other liabilities
|
2.7 | ||||||||||||
Total commodity derivatives
|
54.8 | 30.9 | 64.2 | 27.6 | ||||||||||||||||
Total derivatives not designated
as hedging instruments
|
$ | 54.8 | $ | 30.9 | $ | 64.2 | $ | 27.6 | ||||||||||||
(1) Represent commodity derivative instrument transactions that have either not settled or have settled and not been invoiced. Settled and invoiced transactions are reflected in either accounts receivable or accounts payable depending on the outcome of the transaction.
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain/(Loss) Recognized in
Income on Derivative
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | 11.6 | $ | (14.9 | ) | $ | 19.0 | $ | (16.2 | ) | ||||||
Commodity derivatives
|
Revenue
|
4.7 | (1.0 | ) | 2.9 | (1.1 | ) | ||||||||||
Total
|
$ | 16.3 | $ | (15.9 | ) | $ | 21.9 | $ | (17.3 | ) |
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain/(Loss) Recognized in
Income on Hedged Item
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | (10.8 | ) | $ | 14.3 | $ | (18.2 | ) | $ | 15.6 | ||||||
Commodity derivatives
|
Revenue
|
(4.3 | ) | 1.0 | (2.4 | ) | 1.1 | ||||||||||
Total
|
$ | (15.1 | ) | $ | 15.3 | $ | (20.6 | ) | $ | 16.7 |
Derivatives in Cash Flow
Hedging Relationships
|
Change in Value Recognized in
Other Comprehensive Income on
Derivative (Effective Portion)
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Interest rate derivatives
|
$ | (70.8 | ) | $ | 15.8 | $ | (76.5 | ) | $ | 15.1 | ||||||
Commodity derivatives – Revenue
|
93.5 | 75.8 | 86.4 | 65.8 | ||||||||||||
Commodity derivatives – Operating costs
and expenses
|
(1.5 | ) | (152.4 | ) | (53.3 | ) | (204.4 | ) | ||||||||
Foreign currency derivatives
|
(0.1 | ) | 0.1 | (0.2 | ) | (10.5 | ) | |||||||||
Total
|
$ | 21.1 | $ | (60.7 | ) | $ | (43.6 | ) | $ | (134.0 | ) |
Derivatives in Cash Flow
Hedging Relationships
|
Location of Gain/(Loss)
Reclassified from Accumulated Other Comprehensive Income/Loss
into Income (Effective Portion)
|
Amount of Gain/(Loss) Reclassified from
Accumulated Other Comprehensive Income/Loss to Income (Effective Portion)
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | (3.3 | ) | $ | (2.5 | ) | $ | (6.6 | ) | $ | (4.8 | ) | ||||
Commodity derivatives
|
Revenue
|
18.3 | 4.4 | 2.5 | 19.7 | ||||||||||||
Commodity derivatives
|
Operating costs and expenses
|
(16.8 | ) | (70.7 | ) | (17.5 | ) | (118.2 | ) | ||||||||
Foreign currency derivatives
|
Other income
|
-- | -- | 0.3 | -- | ||||||||||||
Total
|
$ | (1.8 | ) | $ | (68.8 | ) | $ | (21.3 | ) | $ | (103.3 | ) |
Derivatives in Cash Flow
Hedging Relationships
|
Location of Gain/(Loss) Recognized in Income on Ineffective Portion of Derivative
|
Amount of Gain/(Loss) Recognized in Income on
Ineffective Portion of Derivative
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Commodity derivatives
|
Revenue
|
$ | -- | $ | (0.7 | ) | $ | -- | $ | (0.7 | ) | ||||||
Commodity derivatives
|
Operating costs and expenses
|
3.5 | (0.2 | ) | 2.9 | (1.3 | ) | ||||||||||
Total
|
$ | 3.5 | $ | (0.9 | ) | $ | 2.9 | $ | (2.0 | ) |
Derivatives Not Designated
as Hedging Instruments
|
Location
|
Gain/(Loss) Recognized in
Income on Derivative
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Commodity derivatives
|
Revenue
|
$ | (8.9 | ) | $ | 7.0 | $ | (5.0 | ) | $ | 32.5 | ||||||
Commodity derivatives
|
Operating costs and expenses
|
-- | -- | (1.5 | ) | -- | |||||||||||
Foreign currency derivatives
|
Other income
|
-- | -- | -- | (0.1 | ) | |||||||||||
Total
|
$ | (8.9 | ) | $ | 7.0 | $ | (6.5 | ) | $ | 32.4 |
§
|
Level 1 fair values are based on quoted prices, which are available in active markets for identical assets or liabilities as of the measurement date. Active markets are defined as those in which transactions for identical assets or liabilities occur with sufficient frequency so as to provide pricing information on an ongoing basis (e.g., the New York Mercantile Exchange). Our Level 1 fair values primarily consist of financial assets and liabilities such as exchange-traded commodity derivative instruments.
|
§
|
Level 2 fair values are based on pricing inputs other than quoted prices in active markets (as reflected in Level 1 fair values) and are either directly or indirectly observable as of the measurement date. Level 2 fair values include instruments that are valued using financial models or other appropriate valuation methodologies. Such financial models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, the time value of money, volatility factors, current market and contractual prices for the underlying instruments and other relevant economic measures. Substantially all of these assumptions are: (i) observable in the marketplace throughout the full term of the instrument, (ii) can be derived from observable data or (iii) are validated by inputs other than quoted prices (e.g., interest rate and yield curves at commonly quoted intervals). Our Level 2 fair values primarily consist of commodity derivative instruments such as forwards, swaps and other instruments transacted on an exchange or over-the-counter and interest rate derivative instruments. The fair values of these derivative instruments are based on observable price quotes for similar products and locations. The fair value of our interest rate derivatives are determined using appropriate financial models that incorporate the implied forward London Interbank Offered Rate yield curve for the same period as the future interest swap settlements.
|
§
|
Level 3 fair values are based on unobservable inputs. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Unobservable inputs reflect our ideas about the assumptions that market participants would use in pricing an asset or liability (including assumptions about risk). Unobservable inputs are based on the best information available to us in the circumstances, which might include our internally developed data. Level 3 inputs are typically used in connection with internally developed valuation methodologies where we make our best estimate of an instrument’s fair value. Our Level 3 fair values primarily consist of ethane, normal butane and natural gasoline-based contracts with terms ranging from two months to a year. We rely on price quotes from reputable brokers who publish price quotes on certain products. Whenever possible, we compare these prices to other reputable brokers for the same product in the same market. These prices, when combined with data from our commodity derivative instruments, are used in our models to determine the fair value of such instruments.
|
At June 30, 2010
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivative instruments
|
$ | -- | $ | 59.9 | $ | -- | $ | 59.9 | ||||||||
Commodity derivative instruments
|
74.5 | 47.6 | 57.9 | 180.0 | ||||||||||||
Total
|
$ | 74.5 | $ | 107.5 | $ | 57.9 | $ | 239.9 | ||||||||
Financial liabilities:
|
||||||||||||||||
Interest rate derivative instruments
|
$ | -- | $ | 58.4 | $ | -- | $ | 58.4 | ||||||||
Commodity derivative instruments
|
27.5 | 66.4 | 38.1 | 132.0 | ||||||||||||
Foreign currency derivative instruments
|
-- | 0.1 | -- | 0.1 | ||||||||||||
Total
|
$ | 27.5 | $ | 124.9 | $ | 38.1 | $ | 190.5 |
Level 3
|
Impairment Charges
|
|||||||
Property, plant and equipment
|
$ | -- | $ | 1.5 |
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Working inventory (1)
|
$ | 598.6 | $ | 466.4 | ||||
Forward sales inventory (2)
|
426.9 | 245.5 | ||||||
Total inventory
|
$ | 1,025.5 | $ | 711.9 | ||||
(1)
Working inventory is comprised of natural gas, NGLs, crude oil, refined products, lubrication oils and certain petrochemical products that are either available-for-sale or used in the provision for services. The increase since December 31, 2009 is primarily related to increased marketing activities.
(2)
Forward sales inventory consists of identified natural gas, NGL, refined product and crude oil volumes dedicated to the fulfillment of forward sales contracts. The increase since December 31, 2009 is primarily related to higher refined products forward sales volumes.
|
Estimated
Useful Life
in Years
|
June 30,
2010
|
December 31,
2009
|
||||||||||
Plants and pipelines (1)
|
3-45 (6) | $ | 18,491.1 | $ | 17,681.9 | |||||||
Underground and other storage facilities (2)
|
5-40 (7) | 1,411.8 | 1,280.5 | |||||||||
Platforms and facilities (3)
|
20-31 | 637.6 | 637.6 | |||||||||
Transportation equipment (4)
|
3-10 | 65.7 | 60.1 | |||||||||
Marine vessels (5)
|
15-30 | 588.9 | 559.4 | |||||||||
Land
|
90.5 | 82.9 | ||||||||||
Construction in progress
|
1,233.1 | 1,207.2 | ||||||||||
Total
|
22,518.7 | 21,509.6 | ||||||||||
Less accumulated depreciation
|
4,186.7 | 3,820.4 | ||||||||||
Property, plant and equipment, net
|
$ | 18,332.0 | $ | 17,689.2 | ||||||||
(1)
Plants and pipelines include processing plants; NGL, petrochemical, crude oil and natural gas pipelines; terminal loading and unloading facilities; office furniture and equipment; buildings; laboratory and shop equipment and related assets.
(2)
Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3)
Platforms and facilities include offshore platforms and related facilities and other associated assets located in the Gulf of Mexico.
(4)
Transportation equipment includes vehicles and similar assets used in our operations.
(5)
Marine vessels include tow and push boats, barges and related equipment used in our marine transportation business.
(6)
In general, the estimated useful lives of major components of this category are as follows: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; office furniture and equipment, 3-20 years; buildings, 20-40 years; and laboratory and shop equipment, 5-35 years.
(7)
In general, the estimated useful lives of major components of this category are as follows: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
|
ARO liability balance, December 31, 2009
|
$ | 54.8 | ||
Revisions in estimated cash flows
|
3.6 | |||
Accretion expense
|
2.1 | |||
Liabilities incurred during period
|
0.1 | |||
Liabilities settled during period
|
(2.0 | ) | ||
ARO liability balance, June 30, 2010
|
$ | 58.6 |
Remainder of 2010
|
2011
|
2012
|
2013
|
2014
|
||||||||||||||
$ | 1.8 | $ | 3.7 | $ | 4.0 | $ | 4.3 | $ | 4.7 |
Ownership
Interest at
June 30,
2010
|
June 30,
2010
|
December 31,
2009
|
||||||||||
NGL Pipelines & Services:
|
||||||||||||
Venice Energy Service Company, L.L.C.
|
13.1% | $ | 30.6 | $ | 32.6 | |||||||
K/D/S Promix, L.L.C. (“Promix”)
|
50% | 51.7 | 48.9 | |||||||||
Baton Rouge Fractionators LLC
|
32.2% | 22.3 | 22.2 | |||||||||
Skelly-Belvieu Pipeline Company, L.L.C.
|
50% | 34.0 | 37.9 | |||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||
Evangeline (1)
|
49.5% | 5.8 | 5.6 | |||||||||
White River Hub, LLC
|
50% | 26.6 | 26.4 | |||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||
Seaway Crude Pipeline Company (“Seaway”)
|
50% | 175.9 | 178.5 | |||||||||
Offshore Pipelines & Services:
|
||||||||||||
Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”)
|
36% | 58.5 | 61.7 | |||||||||
Cameron Highway Oil Pipeline Company
|
50% | 235.6 | 239.6 | |||||||||
Deepwater Gateway, L.L.C.
|
50% | 100.3 | 101.8 | |||||||||
Neptune Pipeline Company, L.L.C.
|
25.7% | 54.8 | 53.8 | |||||||||
Petrochemical & Refined Products Services:
|
||||||||||||
Baton Rouge Propylene Concentrator, LLC
|
30% | 10.8 | 11.1 | |||||||||
Centennial Pipeline LLC (“Centennial”)
|
50% | 62.6 | 66.7 | |||||||||
Other (2)
|
Various
|
3.7 | 3.8 | |||||||||
Total
|
$ | 873.2 | $ | 890.6 | ||||||||
|
||||||||||||
(1)
Evangeline refers to our ownership interests in Evangeline Gas Pipeline Company, L.P. and Evangeline Gas Corp., collectively.
(2)
Other unconsolidated affiliates include a 50% interest in a propylene pipeline extending from Mont Belvieu, Texas to La Porte, Texas and a 25% interest in a company that provides logistics communications solutions between petroleum pipelines and their customers.
|
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
NGL Pipelines & Services
|
$ | 26.1 | $ | 27.1 | ||||
Onshore Crude Oil Pipelines & Services
|
20.0 | 20.4 | ||||||
Offshore Pipelines & Services
|
16.7 | 17.3 | ||||||
Petrochemical & Refined Products Services
|
3.1 | 4.0 | ||||||
Total
|
$ | 65.9 | $ | 68.8 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
NGL Pipelines & Services
|
$ | 0.3 | $ | 0.3 | $ | 0.5 | $ | 0.5 | ||||||||
Onshore Crude Oil Pipelines & Services
|
0.2 | 0.2 | 0.4 | 0.4 | ||||||||||||
Offshore Pipelines & Services
|
0.3 | 0.3 | 0.6 | 0.6 | ||||||||||||
Petrochemical & Refined Products Services
|
0.2 | 0.7 | 0.9 | 2.0 | ||||||||||||
Total
|
$ | 1.0 | $ | 1.5 | $ | 2.4 | $ | 3.5 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
NGL Pipelines & Services
|
$ | 3.7 | $ | 2.3 | $ | 7.0 | $ | 3.5 | ||||||||
Onshore Natural Gas Pipelines & Services
|
0.9 | 1.4 | 2.2 | 2.5 | ||||||||||||
Onshore Crude Oil Pipelines & Services
|
3.6 | 2.9 | 5.9 | 6.2 | ||||||||||||
Offshore Pipelines & Services
|
11.1 | 6.8 | 22.9 | 11.5 | ||||||||||||
Petrochemical & Refined Products Services
|
(2.6 | ) | (3.8 | ) | (5.3 | ) | (6.7 | ) | ||||||||
Total
|
$ | 16.7 | $ | 9.6 | $ | 32.7 | $ | 17.0 |
Summarized Income Statement Information for the Three Months Ended
|
||||||||||||||||||||||||
June 30, 2010
|
June 30, 2009
|
|||||||||||||||||||||||
Revenues
|
Operating Income (Loss)
|
Net Income (Loss)
|
Revenues
|
Operating Income (Loss)
|
Net Income (Loss)
|
|||||||||||||||||||
NGL Pipelines & Services
|
$ | 74.7 | $ | 13.4 | $ | 13.4 | $ | 46.1 | $ | 7.8 | $ | 7.9 | ||||||||||||
Onshore Natural Gas Pipelines & Services
|
53.7 | 1.9 | 1.9 | 44.3 | 3.0 | 2.7 | ||||||||||||||||||
Onshore Crude Oil Pipelines & Services
|
22.0 | 10.8 | 10.8 | 21.8 | 10.0 | 10.1 | ||||||||||||||||||
Offshore Pipelines & Services
|
51.4 | 26.8 | 26.7 | 33.8 | 13.4 | 13.2 | ||||||||||||||||||
Petrochemical & Refined Products Services
|
15.6 | (2.6 | ) | (6.5 | ) | 13.4 | (0.9 | ) | (3.5 | ) |
Summarized Income Statement Information for the Six Months Ended
|
||||||||||||||||||||||||
June 30, 2010
|
June 30, 2009
|
|||||||||||||||||||||||
Revenues
|
Operating Income (Loss)
|
Net Income (Loss)
|
Revenues
|
Operating Income
|
Net Income (Loss)
|
|||||||||||||||||||
NGL Pipelines & Services
|
$ | 149.5 | $ | 26.5 | $ | 26.4 | $ | 101.7 | $ | 12.8 | $ | 13.0 | ||||||||||||
Onshore Natural Gas Pipelines & Services
|
96.0 | 4.4 | 4.3 | 82.6 | 5.1 | 4.9 | ||||||||||||||||||
Onshore Crude Oil Pipelines & Services
|
40.5 | 18.1 | 18.1 | 41.5 | 18.7 | 18.8 | ||||||||||||||||||
Offshore Pipelines & Services
|
106.4 | 56.0 | 55.4 | 63.2 | 14.5 | 13.7 | ||||||||||||||||||
Petrochemical & Refined Products Services
|
24.2 | (2.0 | ) | (6.8 | ) | 28.3 | 2.8 | (2.5 | ) |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Pro forma earnings data:
|
||||||||||||||||
Revenues
|
$ | 7,557.0 | $ | 5,460.7 | $ | 16,153.3 | $ | 10,375.8 | ||||||||
Costs and expenses
|
7,024.2 | 5,098.5 | 15,080.9 | 9,540.7 | ||||||||||||
Operating income
|
549.5 | 371.8 | 1,105.1 | 852.1 | ||||||||||||
Net income
|
374.4 | 209.3 | 771.6 | 520.6 | ||||||||||||
Net income attributable to Enterprise Products Partners L.P.
|
358.3 | 183.4 | 739.5 | 404.5 | ||||||||||||
Basic earnings per unit:
|
||||||||||||||||
As reported basic units outstanding
|
633.8 | 458.4 | 625.9 | 455.5 | ||||||||||||
Pro forma basic units outstanding
|
635.9 | 472.2 | 633.8 | 469.3 | ||||||||||||
As reported basic earnings per unit
|
$ | 0.46 | $ | 0.32 | $ | 0.97 | $ | 0.73 | ||||||||
Pro forma basic earnings per unit
|
$ | 0.46 | $ | 0.30 | $ | 0.96 | $ | 0.68 | ||||||||
Diluted earnings per unit:
|
||||||||||||||||
As reported diluted units outstanding
|
639.1 | 458.5 | 631.3 | 455.6 | ||||||||||||
Pro forma diluted units outstanding
|
641.2 | 472.3 | 639.2 | 469.4 | ||||||||||||
As reported diluted earnings per unit
|
$ | 0.46 | $ | 0.32 | $ | 0.96 | $ | 0.73 | ||||||||
Pro forma diluted earnings per unit
|
$ | 0.46 | $ | 0.30 | $ | 0.96 | $ | 0.68 |
State Line
and Fairplay
Systems
|
Marine
Crude Oil Transportation Business
|
Other
|
Total
|
|||||||||||||
Assets acquired in business combination:
|
||||||||||||||||
Property, plant and equipment, net
|
$ | 290.1 | $ | 5.9 | $ | 2.2 | $ | 298.2 | ||||||||
Identifiable intangible assets
|
895.0 | -- | -- | 895.0 | ||||||||||||
Total assets acquired
|
1,185.1 | 5.9 | 2.2 | 1,193.2 | ||||||||||||
Liabilities assumed in business combination:
|
||||||||||||||||
Current liabilities
|
(5.2 | ) | -- | -- | (5.2 | ) | ||||||||||
Long-term liabilities
|
(0.1 | ) | -- | -- | (0.1 | ) | ||||||||||
Total liabilities assumed
|
(5.3 | ) | -- | -- | (5.3 | ) | ||||||||||
Total assets acquired plus liabilities assumed
|
1,179.8 | 5.9 | 2.2 | 1,187.9 | ||||||||||||
Total cash used for business combinations
|
1,206.0 | 12.0 | 2.2 | 1,220.2 | ||||||||||||
Goodwill
(see Note 9)
|
$ | 26.2 | $ | 6.1 | $ | -- | $ | 32.3 |
June 30, 2010
|
December 31, 2009
|
|||||||||||||||||||||||
Gross
Value
|
Accum.
Amort.
|
Carrying
Value
|
Gross
Value
|
Accum.
Amort.
|
Carrying
Value
|
|||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles (1)
|
$ | 340.8 | $ | (95.9 | ) | $ | 244.9 | $ | 237.4 | $ | (86.5 | ) | $ | 150.9 | ||||||||||
Contract-based intangibles
|
321.4 | (166.7 | ) | 154.7 | 321.4 | (156.7 | ) | 164.7 | ||||||||||||||||
Segment total
|
662.2 | (262.6 | ) | 399.6 | 558.8 | (243.2 | ) | 315.6 | ||||||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles (1)
|
1,163.6 | (138.1 | ) | 1,025.5 | 372.0 | (124.3 | ) | 247.7 | ||||||||||||||||
Contract-based intangibles
|
565.3 | (304.3 | ) | 261.0 | 565.3 | (285.8 | ) | 279.5 | ||||||||||||||||
Segment total
|
1,728.9 | (442.4 | ) | 1,286.5 | 937.3 | (410.1 | ) | 527.2 | ||||||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Contract-based intangibles
|
10.0 | (3.7 | ) | 6.3 | 10.0 | (3.5 | ) | 6.5 | ||||||||||||||||
Segment total
|
10.0 | (3.7 | ) | 6.3 | 10.0 | (3.5 | ) | 6.5 | ||||||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
205.8 | (111.9 | ) | 93.9 | 205.8 | (105.3 | ) | 100.5 | ||||||||||||||||
Contract-based intangibles
|
1.2 | (0.2 | ) | 1.0 | 1.2 | (0.2 | ) | 1.0 | ||||||||||||||||
Segment total
|
207.0 | (112.1 | ) | 94.9 | 207.0 | (105.5 | ) | 101.5 | ||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
104.6 | (21.3 | ) | 83.3 | 104.6 | (18.8 | ) | 85.8 | ||||||||||||||||
Contract-based intangibles
|
42.1 | (16.6 | ) | 25.5 | 42.1 | (13.9 | ) | 28.2 | ||||||||||||||||
Segment total
|
146.7 | (37.9 | ) | 108.8 | 146.7 | (32.7 | ) | 114.0 | ||||||||||||||||
Total all segments
|
$ | 2,754.8 | $ | (858.7 | ) | $ | 1,896.1 | $ | 1,859.8 | $ | (795.0 | ) | $ | 1,064.8 | ||||||||||
(1)
In May 2010, we acquired $895.0 million of customer relationship intangible assets in connection with the State Line and Fairplay natural gas gathering systems. See Note 8 for additional information regarding this business combination.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
NGL Pipelines & Services
|
$ | 10.1 | $ | 8.4 | $ | 19.4 | $ | 18.2 | ||||||||
Onshore Natural Gas Pipelines & Services
|
18.1 | 14.9 | 32.3 | 29.5 | ||||||||||||
Onshore Crude Oil Pipelines & Services
|
0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
Offshore Pipelines & Services
|
3.2 | 3.7 | 6.6 | 7.6 | ||||||||||||
Petrochemical & Refined Products Services
|
2.6 | 2.6 | 5.2 | 5.3 | ||||||||||||
Total
|
$ | 34.1 | $ | 29.7 | $ | 63.7 | $ | 60.8 |
Remainder of 2010
|
2011
|
2012
|
2013
|
2014
|
||||||||||||||
$ | 72.3 | $ | 143.8 | $ | 135.3 | $ | 134.9 | $ | 136.6 |
NGL
Pipelines
& Services
|
Onshore
Natural Gas
Pipelines
& Services
|
Onshore
Crude Oil
Pipelines
& Services
|
Offshore
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Consolidated
Totals
|
|||||||||||||||||||
Balance at December 31, 2009 (1)
|
$ | 341.2 | $ | 284.9 | $ | 303.0 | $ | 82.1 | $ | 1,007.1 | $ | 2,018.3 | ||||||||||||
Goodwill related to acquisitions
|
-- | 26.2 | 6.1 | -- | -- | 32.3 | ||||||||||||||||||
Balance at June 30, 2010 (1)
|
$ | 341.2 | $ | 311.1 | $ | 309.1 | $ | 82.1 | $ | 1,007.1 | $ | 2,050.6 | ||||||||||||
(1)
The total carrying amount of goodwill at June 30, 2010 and December 31, 2009 is reflected net of $1.3 million of accumulated impairment charges included in our Petrochemical & Refined Products Services business segment.
|
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
EPO senior debt obligations:
|
||||||||
Multi-Year Revolving Credit Facility, variable-rate, due November 2012
|
$ | -- | $ | 195.5 | ||||
Pascagoula MBFC Loan, 8.70% fixed-rate, due March 2010
|
-- | 54.0 | ||||||
Petal GO Zone Bonds, variable-rate, due August 2034
|
57.5 | 57.5 | ||||||
Senior Notes B, 7.50% fixed-rate, due February 2011 (1)
|
450.0 | 450.0 | ||||||
Senior Notes C, 6.375% fixed-rate, due February 2013
|
350.0 | 350.0 | ||||||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500.0 | 500.0 | ||||||
Senior Notes G, 5.60% fixed-rate, due October 2014
|
650.0 | 650.0 | ||||||
Senior Notes H, 6.65% fixed-rate, due October 2034
|
350.0 | 350.0 | ||||||
Senior Notes I, 5.00% fixed-rate, due March 2015
|
250.0 | 250.0 | ||||||
Senior Notes J, 5.75% fixed-rate, due March 2035
|
250.0 | 250.0 | ||||||
Senior Notes K, 4.95% fixed-rate, due June 2010
|
-- | 500.0 | ||||||
Senior Notes L, 6.30% fixed-rate, due September 2017
|
800.0 | 800.0 | ||||||
Senior Notes M, 5.65% fixed-rate, due April 2013
|
400.0 | 400.0 | ||||||
Senior Notes N, 6.50% fixed-rate, due January 2019
|
700.0 | 700.0 | ||||||
Senior Notes O, 9.75% fixed-rate, due January 2014
|
500.0 | 500.0 | ||||||
Senior Notes P, 4.60% fixed-rate, due August 2012
|
500.0 | 500.0 | ||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020
|
500.0 | 500.0 | ||||||
Senior Notes R, 6.125% fixed-rate, due October 2039
|
600.0 | 600.0 | ||||||
Senior Notes S, 7.625% fixed-rate, due February 2012
|
490.5 | 490.5 | ||||||
Senior Notes T, 6.125% fixed-rate, due February 2013
|
182.5 | 182.5 | ||||||
Senior Notes U, 5.90% fixed-rate, due April 2013
|
237.6 | 237.6 | ||||||
Senior Notes V, 6.65% fixed-rate, due April 2018
|
349.7 | 349.7 | ||||||
Senior Notes W, 7.55% fixed-rate, due April 2038
|
399.6 | 399.6 | ||||||
Senior Notes X, 3.70% fixed-rate, due June 2015
|
400.0 | -- | ||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020
|
1,000.0 | -- | ||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040
|
600.0 | -- | ||||||
TEPPCO senior debt obligations:
|
||||||||
TEPPCO Senior Notes
|
40.1 | 40.1 | ||||||
Duncan Energy Partners’ debt obligations:
|
||||||||
DEP Revolving Credit Facility, variable-rate, due February 2011 (2)
|
255.0 | 175.0 | ||||||
DEP Term Loan, variable-rate, due December 2011
|
282.3 | 282.3 | ||||||
Total principal amount of senior debt obligations
|
11,094.8 | 9,764.3 | ||||||
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066
|
550.0 | 550.0 | ||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068
|
682.7 | 682.7 | ||||||
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067
|
285.8 | 285.8 | ||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067
|
14.2 | 14.2 | ||||||
Total principal amount of senior and junior debt obligations
|
12,627.5 | 11,297.0 | ||||||
Other, non-principal amounts:
|
||||||||
Change in fair value of debt-related derivative instruments (see Note 4)
|
51.5 | 44.4 | ||||||
Unamortized discounts, net of premiums
|
(24.8 | ) | (18.7 | ) | ||||
Unamortized deferred net gains related to terminated interest rate swaps (see Note 4)
|
17.3 | 23.7 | ||||||
Total other, non-principal amounts
|
44.0 | 49.4 | ||||||
Less current maturities of debt (2)
|
(255.0 | ) | -- | |||||
Total long-term debt
|
$ | 12,416.5 | $ | 11,346.4 | ||||
(1)
Long-term and current maturities of debt reflect the classification of such obligations at June 30, 2010 after taking into consideration EPO’s ability to use available long-term borrowing capacity under its Multi-Year Revolving Credit Facility to satisfy the current maturities of Senior Notes B.
(2)
Reflects Duncan Energy Partners’ classification of debt at June 30, 2010.
|
Range of
Interest Rates
Paid
|
Weighted-Average
Interest Rate
Paid
|
|
EPO Multi-Year Revolving Credit Facility
|
0.73% to 3.25%
|
0.85%
|
DEP Revolving Credit Facility
|
0.80% to 1.11%
|
0.85%
|
DEP Term Loan
|
0.93% to 1.05%
|
0.97%
|
Petal GO Zone Bonds
|
0.12% to 0.30%
|
0.23%
|
Scheduled Maturities of Debt
|
||||||||||||||||||||||||
Total
|
2011
|
2012
|
2013
|
2014
|
After
2014
|
|||||||||||||||||||
Revolving Credit Facilities
|
$ | 255.0 | $ | 255.0 | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Senior Notes
|
10,500.0 | 450.0 | 1,000.0 | 1,200.0 | 1,150.0 | 6,700.0 | ||||||||||||||||||
Term Loans
|
282.3 | 282.3 | -- | -- | -- | -- | ||||||||||||||||||
Junior Subordinated Notes
|
1,532.7 | -- | -- | -- | -- | 1,532.7 | ||||||||||||||||||
Other
|
57.5 | -- | -- | -- | -- | 57.5 | ||||||||||||||||||
Total
|
$ | 12,627.5 | $ | 987.3 | $ | 1,000.0 | $ | 1,200.0 | $ | 1,150.0 | $ | 8,290.2 |
Scheduled Maturities of Debt
|
||||||||||||||||||||||||||||||||
Ownership Interest
|
Total
|
Remainder of 2010
|
2011
|
2012
|
2013
|
2014
|
After
2014
|
|||||||||||||||||||||||||
Poseidon
|
36% | $ | 92.0 | $ | -- | $ | 92.0 | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||||
Evangeline
|
49.5% | 10.7 | 3.2 | 7.5 | -- | -- | -- | -- | ||||||||||||||||||||||||
Centennial
|
50% | 115.4 | 4.5 | 9.0 | 8.9 | 8.6 | 8.6 | 75.8 | ||||||||||||||||||||||||
Total
|
$ | 218.1 | $ | 7.7 | $ | 108.5 | $ | 8.9 | $ | 8.6 | $ | 8.6 | $ | 75.8 |
Net Cash Proceeds from Issuance of Common Units
|
||||||||||||||||
Number of
Common Units
Issued
|
Contributed
by Limited
Partners
|
Contributed by
General
Partner
|
Total
Net Cash
Proceeds
|
|||||||||||||
January underwritten offering
|
10,925,000 | $ | 343.3 | $ | 7.0 | $ | 350.3 | |||||||||
February DRIP and EUPP
|
2,834,584 | 85.0 | 1.8 | 86.8 | ||||||||||||
April underwritten offering
|
13,800,000 | 474.9 | 9.7 | 484.6 | ||||||||||||
May DRIP and EUPP
|
2,039,670 | 67.1 | 1.3 | 68.4 | ||||||||||||
Total 2010
|
29,599,254 | $ | 970.3 | $ | 19.8 | $ | 990.1 |
Common
Units
|
Restricted
Common
Units
|
Class B
Units
|
Treasury
Units
|
|||||||||||||
Balance, December 31, 2009
|
603,202,828 | 2,720,882 | 4,520,431 | -- | ||||||||||||
Common units issued in connection with underwritten offerings
|
24,725,000 | -- | -- | -- | ||||||||||||
Common units issued in connection with DRIP and EUPP
|
4,874,254 | -- | -- | -- | ||||||||||||
Common units issued in connection with equity awards
|
45,872 | -- | -- | -- | ||||||||||||
Restricted units issued
|
-- | 1,332,875 | -- | -- | ||||||||||||
Forfeiture of restricted units
|
-- | (93,148 | ) | -- | -- | |||||||||||
Conversion of restricted units to common units
|
322,228 | (322,228 | ) | -- | -- | |||||||||||
Acquisition of treasury units
|
(86,002 | ) | -- | -- | 86,002 | |||||||||||
Cancellation of treasury units
|
-- | -- | -- | (86,002 | ) | |||||||||||
Other
|
(61 | ) | -- | -- | -- | |||||||||||
Balance, June 30, 2010
|
633,084,119 | 3,638,381 | 4,520,431 | -- |
|
Common
Units
|
Restricted
Common
Units
|
Class B
Units
|
Total
|
||||||||||||
Balance, December 31, 2009
|
$ | 9,173.5 | $ | 37.7 | $ | 118.5 | $ | 9,329.7 | ||||||||
Net income
|
608.3 | 3.4 | -- | 611.7 | ||||||||||||
Operating lease expenses paid by EPCO
|
0.3 | -- | -- | 0.3 | ||||||||||||
Cash distributions paid to partners
|
(701.9 | ) | (3.8 | ) | -- | (705.7 | ) | |||||||||
Unit option-related reimbursements to EPCO
|
(2.2 | ) | -- | -- | (2.2 | ) | ||||||||||
Net cash proceeds from issuance of common units
|
970.3 | -- | -- | 970.3 | ||||||||||||
Cash proceeds from exercise of unit options
|
1.6 | -- | -- | 1.6 | ||||||||||||
Amortization of equity awards
|
3.1 | 14.8 | -- | 17.9 | ||||||||||||
Acquisition of treasury units
|
-- | (3.0 | ) | -- | (3.0 | ) | ||||||||||
Other
|
-- | 0.2 | -- | 0.2 | ||||||||||||
Balance, June 30, 2010
|
$ | 10,053.0 | $ | 49.3 | $ | 118.5 | $ | 10,220.8 |
Distribution Per Common Unit
|
Record
Date
|
Payment
Date
|
|
2009
|
|||
1st Quarter
|
$0.5375
|
Apr. 30, 2009
|
May 8, 2009
|
2nd Quarter
|
$0.5450
|
Jul. 31, 2009
|
Aug. 7, 2009
|
3rd Quarter
|
$0.5525
|
Oct. 30, 2009
|
Nov. 5, 2009
|
4th Quarter
|
$0.5600
|
Jan. 29, 2010
|
Feb. 4, 2010
|
2010
|
|||
1st Quarter
|
$0.5675
|
Apr. 30, 2010
|
May 6, 2010
|
2nd Quarter
|
$0.5750
|
Jul. 30, 2010
|
Aug. 5, 2010
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Standard distributions to EPGP
|
$ | 7.4 | $ | 5.0 | $ | 14.4 | $ | 9.9 | ||||||||
Incentive distributions to EPGP
|
56.9 | 36.6 | 110.8 | 71.8 | ||||||||||||
Limited partner distributions
|
360.2 | 244.9 | 705.7 | 484.4 | ||||||||||||
Cash distributions paid to partners
|
$ | 424.5 | $ | 286.5 | $ | 830.9 | $ | 566.1 |
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Limited partners of Duncan Energy Partners:
|
||||||||
Third-party owners of Duncan Energy Partners (1)
|
$ | 412.2 | $ | 414.3 | ||||
Related party owners of Duncan Energy Partners
|
1.7 | 1.7 | ||||||
Joint venture partners (2)
|
116.9 | 117.4 | ||||||
Accumulated other comprehensive loss
attributable to noncontrolling interests
|
(1.8 | ) | (3.2 | ) | ||||
Total
|
$ | 529.0 | $ | 530.2 | ||||
(1)
Represents non-affiliate public unitholders of Duncan Energy Partners.
(2)
Represents third-party ownership interests in joint ventures that we consolidate, including Seminole Pipeline Company, Tri-States Pipeline L.L.C., Independence Hub LLC, Rio Grande Pipeline, LLC and Wilprise Pipeline Company LLC.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Former owners of TEPPCO
|
$ | -- | $ | 12.3 | $ | -- | $ | 90.6 | ||||||||
Limited partners of Duncan Energy Partners
|
9.6 | 6.6 | 18.3 | 11.7 | ||||||||||||
Joint venture partners
|
6.5 | 7.0 | 13.8 | 13.8 | ||||||||||||
Total
|
$ | 16.1 | $ | 25.9 | $ | 32.1 | $ | 116.1 |
For the Six Months
Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
Cash distributions paid to noncontrolling interests:
|
||||||||
Limited partners of TEPPCO
|
$ | -- | $ | 182.8 | ||||
Limited partners of Duncan Energy Partners
|
21.3 | 12.8 | ||||||
Joint venture partners
|
15.3 | 15.0 | ||||||
Total cash distributions paid to noncontrolling interests
|
$ | 36.6 | $ | 210.6 | ||||
Cash contributions from noncontrolling interests:
|
||||||||
Limited partners of TEPPCO
|
$ | -- | $ | 3.3 | ||||
Limited partners of Duncan Energy Partners
|
0.8 | 123.2 | ||||||
Joint venture partners
|
1.1 | (2.2 | ) | |||||
Total cash contributions from noncontrolling interests
|
$ | 1.9 | $ | 124.3 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Total segment gross operating margin
|
$ | 814.7 | $ | 622.1 | $ | 1,610.1 | $ | 1,336.2 | ||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Depreciation, amortization and accretion in operating costs and expenses
|
(227.0 | ) | (200.5 | ) | (439.4 | ) | (396.9 | ) | ||||||||
Non-cash asset impairment charges
|
-- | (2.3 | ) | (1.5 | ) | (2.3 | ) | |||||||||
Operating lease expenses paid by EPCO
|
(0.1 | ) | (0.1 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Gains (losses) from asset sales and related transactions in
operating costs and expenses
|
(1.7 | ) | 0.2 | 5.6 | 0.4 | |||||||||||
General and administrative costs
|
(37.9 | ) | (46.1 | ) | (75.5 | ) | (81.0 | ) | ||||||||
Operating income
|
548.0 | 373.3 | 1,099.0 | 856.1 | ||||||||||||
Other expense, net
|
(168.2 | ) | (157.7 | ) | (316.7 | ) | (309.0 | ) | ||||||||
Income before provision for income taxes
|
$ | 379.8 | $ | 215.6 | $ | 782.3 | $ | 547.1 |
Reportable Segments
|
||||||||||||||||||||||||||||
NGL
Pipelines
& Services
|
Onshore
Natural Gas
Pipelines
& Services
|
Onshore
Crude Oil
Pipelines
& Services
|
Offshore Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Adjustments
And
Eliminations
|
Consolidated
Totals
|
||||||||||||||||||||||
Revenues from third parties:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2010
|
$ | 2,923.8 | $ | 786.2 | $ | 2,629.3 | $ | 85.5 | $ | 1,002.6 | $ | -- | $ | 7,427.4 | ||||||||||||||
Three months ended June 30, 2009
|
2,359.0 | 631.8 | 1,726.4 | 77.3 | 547.5 | -- | 5,342.0 | |||||||||||||||||||||
Six months ended June 30, 2010
|
6,590.1 | 1,897.3 | 5,016.0 | 172.0 | 2,064.1 | -- | 15,739.5 | |||||||||||||||||||||
Six months ended June 30, 2009
|
4,625.9 | 1,299.5 | 2,996.1 | 145.8 | 942.1 | -- | 10,009.4 | |||||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2010
|
55.5 | 58.7 | -- | 1.8 | -- | -- | 116.0 | |||||||||||||||||||||
Three months ended June 30, 2009
|
44.6 | 47.1 | 0.6 | -- | -- | -- | 92.3 | |||||||||||||||||||||
Six months ended June 30, 2010
|
235.5 | 109.1 | (0.1 | ) | 3.9 | -- | -- | 348.4 | ||||||||||||||||||||
Six months ended June 30, 2009
|
198.1 | 112.9 | 0.8 | -- | -- | -- | 311.8 | |||||||||||||||||||||
Intersegment and intrasegment revenues:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2010
|
2,407.7 | 212.7 | 223.4 | 0.3 | 287.2 | (3,131.3 | ) | -- | ||||||||||||||||||||
Three months ended June 30, 2009
|
1,507.1 | 113.6 | 15.4 | 0.3 | 119.0 | (1,755.4 | ) | -- | ||||||||||||||||||||
Six months ended June 30, 2010
|
4,954.9 | 428.3 | 248.1 | 0.7 | 545.0 | (6,177.0 | ) | -- | ||||||||||||||||||||
Six months ended June 30, 2009
|
2,895.0 | 267.3 | 23.6 | 0.6 | 235.2 | (3,421.7 | ) | -- | ||||||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2010
|
5,387.0 | 1,057.6 | 2,852.7 | 87.6 | 1,289.8 | (3,131.3 | ) | 7,543.4 | ||||||||||||||||||||
Three months ended June 30, 2009
|
3,910.7 | 792.5 | 1,742.4 | 77.6 | 666.5 | (1,755.4 | ) | 5,434.3 | ||||||||||||||||||||
Six months ended June 30, 2010
|
11,780.5 | 2,434.7 | 5,264.0 | 176.6 | 2,609.1 | (6,177.0 | ) | 16,087.9 | ||||||||||||||||||||
Six months ended June 30, 2009
|
7,719.0 | 1,679.7 | 3,020.5 | 146.4 | 1,177.3 | (3,421.7 | ) | 10,321.2 | ||||||||||||||||||||
Equity in income (loss) of
unconsolidated affiliates:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2010
|
3.7 | 0.9 | 3.6 | 11.1 | (2.6 | ) | -- | 16.7 | ||||||||||||||||||||
Three months ended June 30, 2009
|
2.3 | 1.4 | 2.9 | 6.8 | (3.8 | ) | -- | 9.6 | ||||||||||||||||||||
Six months ended June 30, 2010
|
7.0 | 2.2 | 5.9 | 22.9 | (5.3 | ) | -- | 32.7 | ||||||||||||||||||||
Six months ended June 30, 2009
|
3.5 | 2.5 | 6.2 | 11.5 | (6.7 | ) | -- | 17.0 | ||||||||||||||||||||
Gross operating margin:
|
||||||||||||||||||||||||||||
Three months ended June 30, 2010
|
441.0 | 106.9 | 25.9 | 82.8 | 158.1 | -- | 814.7 | |||||||||||||||||||||
Three months ended June 30, 2009
|
363.8 | 121.2 | 42.1 | (1.1 | ) | 96.1 | -- | 622.1 | ||||||||||||||||||||
Six months ended June 30, 2010
|
878.3 | 237.2 | 52.6 | 163.9 | 278.1 | -- | 1,610.1 | |||||||||||||||||||||
Six months ended June 30, 2009
|
714.7 | 283.1 | 92.6 | 60.2 | 185.6 | -- | 1,336.2 | |||||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||||||
At June 30, 2010
|
7,372.2 | 7,988.3 | 904.0 | 2,068.8 | 3,585.5 | 1,233.1 | 23,151.9 | |||||||||||||||||||||
At December 31, 2009
|
7,191.2 | 6,918.7 | 865.4 | 2,121.4 | 3,359.0 | 1,207.2 | 21,662.9 | |||||||||||||||||||||
Property, plant and equipment:
(see Note 6)
|
||||||||||||||||||||||||||||
At June 30, 2010
|
6,492.8 | 6,358.3 | 412.7 | 1,442.6 | 2,392.5 | 1,233.1 | 18,332.0 | |||||||||||||||||||||
At December 31, 2009
|
6,392.8 | 6,074.6 | 377.4 | 1,480.9 | 2,156.3 | 1,207.2 | 17,689.2 | |||||||||||||||||||||
Investments in unconsolidated affiliates:
(see Note 7)
|
||||||||||||||||||||||||||||
At June 30, 2010
|
138.6 | 32.4 | 175.9 | 449.2 | 77.1 | -- | 873.2 | |||||||||||||||||||||
At December 31, 2009
|
141.6 | 32.0 | 178.5 | 456.9 | 81.6 | -- | 890.6 | |||||||||||||||||||||
Intangible assets, net:
(see Note 9)
|
||||||||||||||||||||||||||||
At June 30, 2010
|
399.6 | 1,286.5 | 6.3 | 94.9 | 108.8 | -- | 1,896.1 | |||||||||||||||||||||
At December 31, 2009
|
315.6 | 527.2 | 6.5 | 101.5 | 114.0 | -- | 1,064.8 | |||||||||||||||||||||
Goodwill:
(see Note 9)
|
||||||||||||||||||||||||||||
At June 30, 2010
|
341.2 | 311.1 | 309.1 | 82.1 | 1,007.1 | -- | 2,050.6 | |||||||||||||||||||||
At December 31, 2009
|
341.2 | 284.9 | 303.0 | 82.1 | 1,007.1 | -- | 2,018.3 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs
|
$ | 2,804.4 | $ | 2,260.0 | $ | 6,468.5 | $ | 4,512.2 | ||||||||
Sales of other petroleum and related products
|
0.7 | 0.4 | 1.2 | 0.9 | ||||||||||||
Midstream services
|
174.2 | 143.2 | 355.9 | 310.9 | ||||||||||||
Total
|
2,979.3 | 2,403.6 | 6,825.6 | 4,824.0 | ||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
655.6 | 497.4 | 1,630.8 | 1,054.0 | ||||||||||||
Midstream services
|
189.3 | 181.5 | 375.6 | 358.4 | ||||||||||||
Total
|
844.9 | 678.9 | 2,006.4 | 1,412.4 | ||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
2,603.4 | 1,709.0 | 4,970.7 | 2,954.8 | ||||||||||||
Midstream services
|
25.9 | 18.0 | 45.2 | 42.1 | ||||||||||||
Total
|
2,629.3 | 1,727.0 | 5,015.9 | 2,996.9 | ||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
0.4 | 0.3 | 0.8 | 0.6 | ||||||||||||
Sales of crude oil
|
1.9 | 0.9 | 4.0 | 1.1 | ||||||||||||
Midstream services
|
85.0 | 76.1 | 171.1 | 144.1 | ||||||||||||
Total
|
87.3 | 77.3 | 175.9 | 145.8 | ||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of other petroleum and related products
|
871.7 | 413.3 | 1,804.3 | 674.8 | ||||||||||||
Midstream services
|
130.9 | 134.2 | 259.8 | 267.3 | ||||||||||||
Total
|
1,002.6 | 547.5 | 2,064.1 | 942.1 | ||||||||||||
Total consolidated revenues
|
$ | 7,543.4 | $ | 5,434.3 | $ | 16,087.9 | $ | 10,321.2 | ||||||||
Consolidated cost and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales related to our marketing activities
|
$ | 5,693.5 | $ | 3,872.6 | $ | 12,342.7 | $ | 7,275.9 | ||||||||
Depreciation, amortization and accretion
|
227.0 | 200.5 | 439.4 | 396.9 | ||||||||||||
Losses (gains) from asset sales and related transactions
|
1.7 | (0.2 | ) | (5.6 | ) | (0.4 | ) | |||||||||
Non-cash asset impairment charges
|
-- | 2.3 | 1.5 | 2.3 | ||||||||||||
Other operating costs and expenses
|
1,052.0 | 949.3 | 2,168.1 | 1,726.4 | ||||||||||||
General and administrative costs
|
37.9 | 46.1 | 75.5 | 81.0 | ||||||||||||
Total consolidated costs and expenses
|
$ | 7,012.1 | $ | 5,070.6 | $ | 15,021.6 | $ | 9,482.1 |
For the Three Months
|
For the Six Months
|
|||||||
Ended June 30, 2009
|
Ended June 30, 2009
|
|||||||
Total revenues, as previously reported
|
$ | 3,507.9 | $ | 6,931.0 | ||||
Revenues from TEPPCO
|
1,913.3 | 3,370.8 | ||||||
Revenues from Jonah Gas Gathering Company (“Jonah”) (1)
|
61.2 | 120.6 | ||||||
Eliminations (2)
|
(48.1 | ) | (101.2 | ) | ||||
Total revenues, as recast and currently reported
|
$ | 5,434.3 | $ | 10,321.2 | ||||
Total segment gross operating margin, as previously reported
|
$ | 509.2 | $ | 1,057.9 | ||||
Gross operating margin from TEPPCO
|
98.9 | 253.0 | ||||||
Gross operating margin from Jonah
|
43.5 | 86.6 | ||||||
Eliminations (3)
|
(29.5 | ) | (61.3 | ) | ||||
Total segment gross operating margin, as recast
and currently reported
|
$ | 622.1 | $ | 1,336.2 | ||||
(1)
Prior to the TEPPCO Merger, we and TEPPCO were joint venture partners in Jonah. As a result of the TEPPCO Merger, Jonah became a consolidated subsidiary of ours.
(2)
Represents the elimination of revenues between Enterprise Products Partners, TEPPCO and Jonah as appropriate in consolidation.
(3)
Represents the elimination of equity earnings from Jonah recorded by Enterprise Products Partners and TEPPCO as appropriate in consolidation.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues – related parties:
|
||||||||||||||||
Energy Transfer Equity and subsidiaries
|
$ | 59.9 | $ | 49.2 | $ | 246.5 | $ | 212.0 | ||||||||
Unconsolidated affiliates
|
56.1 | 43.1 | 101.9 | 99.8 | ||||||||||||
Total revenue – related parties
|
$ | 116.0 | $ | 92.3 | $ | 348.4 | $ | 311.8 | ||||||||
Costs and expenses – related parties:
|
||||||||||||||||
EPCO and affiliates
|
$ | 164.7 | $ | 151.4 | $ | 323.1 | $ | 295.2 | ||||||||
Energy Transfer Equity and subsidiaries
|
147.2 | 105.6 | 324.1 | 197.0 | ||||||||||||
Unconsolidated affiliates
|
9.5 | 6.8 | 21.7 | 13.7 | ||||||||||||
Other
|
-- | 14.2 | -- | 28.6 | ||||||||||||
Total costs and expenses – related parties
|
$ | 321.4 | $ | 278.0 | $ | 668.9 | $ | 534.5 |
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Accounts receivable - related parties:
|
||||||||
Energy Transfer Equity and subsidiaries
|
$ | 6.6 | $ | 28.2 | ||||
Other
|
23.2 | 10.2 | ||||||
Total accounts receivable – related parties
|
$ | 29.8 | $ | 38.4 | ||||
Accounts payable - related parties:
|
||||||||
EPCO and affiliates
|
$ | 83.4 | $ | 26.8 | ||||
Energy Transfer Equity and subsidiaries
|
45.2 | 33.4 | ||||||
Other
|
8.3 | 9.6 | ||||||
Total accounts payable – related parties
|
$ | 136.9 | $ | 69.8 |
§
|
EPCO and its privately held affiliates;
|
§
|
EPGP, our sole general partner;
|
§
|
Enterprise GP Holdings, which owns and controls our general partner; and
|
§
|
the Employee Partnerships (see Note 3).
|
For the Six Months
Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
General partner distributions
|
$ | 14.4 | $ | 9.9 | ||||
Incentive distributions
|
110.8 | 71.8 | ||||||
Total distributions
|
$ | 125.2 | $ | 81.7 |
For the Six Months
Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
Enterprise Products Partners
|
$ | 168.0 | $ | 152.4 | ||||
Enterprise GP Holdings
|
116.1 | 95.6 | ||||||
Total distributions
|
$ | 284.1 | $ | 248.0 |
§
|
EPCO will provide selling, general and administrative services and management and operating services as may be necessary to manage and operate our businesses, properties and assets (all in accordance with prudent industry practices). EPCO will employ or otherwise retain the services of such personnel as may be necessary to provide such services.
|
§
|
We are required to reimburse EPCO for its services in an amount equal to the sum of all costs and expenses incurred by EPCO which are directly or indirectly related to our business or activities (including expenses reasonably allocated to us by EPCO). In addition, we have agreed to pay all sales, use, excise, value added or similar taxes, if any, that may be applicable from time to time with respect to the services provided to us by EPCO.
|
§
|
EPCO will allow us to participate as a named insured in its overall insurance program, with the associated premiums and other costs being allocated to us. See Note 16 for additional information regarding our insurance programs.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Operating costs and expenses
|
$ | 140.9 | $ | 127.4 | $ | 275.3 | $ | 245.2 | ||||||||
General and administrative expenses
|
23.8 | 24.0 | 47.8 | 50.0 | ||||||||||||
Total costs and expenses
|
$ | 164.7 | $ | 151.4 | $ | 323.1 | $ | 295.2 |
§
|
We sell natural gas to Evangeline, which, in turn, uses the natural gas to satisfy supply commitments it has with a major Louisiana utility. Revenues from Evangeline were $49.0 million and $39.9 million for the three months ended June 30, 2010 and 2009, respectively. During the six months ended June 30, 2010 and 2009, revenues from Evangeline were $86.8 million and $93.5 million, respectively.
|
§
|
We pay Promix for the transportation, storage and fractionation of NGLs. In addition, we sell natural gas to Promix for its plant fuel requirements. Revenues from Promix were $3.1 million and $2.4 million for the three months ended June 30, 2010 and 2009, respectively. During the six months ended June 30, 2010 and 2009, revenues from Promix were $6.2 million and $5.1 million, respectively. Expenses with Promix were $7.5 million and $6.5 million for the three months ended June 30, 2010 and 2009, respectively. During the six months ended June 30, 2010 and 2009, expenses with Promix were $16.1 million and $11.0 million, respectively.
|
§
|
We paid $0.3 million and $0.7 million to Centennial for pipeline transportation services during the three months ended June 30, 2010 and 2009, respectively. During the six months ended June 30, 2010 and 2009, we paid Centennial $2.9 million and $2.4 million, respectively, for such services.
|
§
|
We paid $1.6 million and $0.8 million to Seaway for pipeline transportation and tank rentals during the three months ended June 30, 2010 and 2009, respectively. During the six months ended June 30, 2010 and 2009, we paid Seaway $2.7 million and $2.6 million, respectively, for such services.
|
§
|
We perform management services for certain of our unconsolidated affiliates. We charged such affiliates $2.8 million and $2.7 million for the three months ended June 30, 2010 and 2009,
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Net income attributable to Enterprise Products Partners L.P.
|
$ | 357.2 | $ | 186.6 | $ | 735.0 | $ | 411.9 | ||||||||
Less incentive earnings allocations to EPGP
|
(56.9 | ) | (36.6 | ) | (110.8 | ) | (71.8 | ) | ||||||||
Net income available after incentive earnings allocation
|
300.3 | 150.0 | 624.2 | 340.1 | ||||||||||||
Multiplied by EPGP ownership interest
|
2.0 | % | 2.0 | % | 2.0 | % | 2.0 | % | ||||||||
Standard earnings allocation to EPGP
|
$ | 6.0 | $ | 3.0 | $ | 12.5 | $ | 6.8 | ||||||||
Incentive earnings allocation to EPGP
|
$ | 56.9 | $ | 36.6 | $ | 110.8 | $ | 71.8 | ||||||||
Standard earnings allocation to EPGP
|
6.0 | 3.0 | 12.5 | 6.8 | ||||||||||||
Net income available to EPGP
|
62.9 | 39.6 | 123.3 | 78.6 | ||||||||||||
Two-class method adjustment (1)
|
1.7 | 1.4 | 4.7 | 2.8 | ||||||||||||
Net income available to EPGP for EPU purposes
|
$ | 64.6 | $ | 41.0 | $ | 128.0 | $ | 81.4 | ||||||||
(1)
FASB guidance specific to master limited partnerships has been applied for purposes of computing basic and diluted earnings per unit.
|
For the Three Month
|
For the Six Month
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
BASIC EARNINGS PER UNIT
|
||||||||||||||||
Numerator
|
||||||||||||||||
Net income attributable to Enterprise Products Partners L.P.
|
$ | 357.2 | $ | 186.6 | $ | 735.0 | $ | 411.9 | ||||||||
Net income available to EPGP for EPU purposes
|
(64.6 | ) | (41.0 | ) | (128.0 | ) | (81.4 | ) | ||||||||
Net income available to limited partners
|
$ | 292.6 | $ | 145.6 | $ | 607.0 | $ | 330.5 | ||||||||
Denominator
|
||||||||||||||||
Weighted – average common units outstanding
|
630.1 | 455.8 | 622.4 | 453.3 | ||||||||||||
Weighted – average restricted common units outstanding
|
3.7 | 2.6 | 3.5 | 2.2 | ||||||||||||
Total
|
633.8 | 458.4 | 625.9 | 455.5 | ||||||||||||
Basic earnings per unit
|
||||||||||||||||
Net income per unit before EPGP earnings allocation
|
$ | 0.56 | $ | 0.41 | $ | 1.17 | $ | 0.91 | ||||||||
Net income available to EPGP
|
(0.10 | ) | (0.09 | ) | (0.20 | ) | (0.18 | ) | ||||||||
Net income available to limited partners
|
$ | 0.46 | $ | 0.32 | $ | 0.97 | $ | 0.73 | ||||||||
DILUTED EARNINGS PER UNIT
|
||||||||||||||||
Numerator
|
||||||||||||||||
Net income attributable to Enterprise Products Partners L.P.
|
$ | 357.2 | $ | 186.6 | $ | 735.0 | $ | 411.9 | ||||||||
Net income available to EPGP for EPU purposes
|
(64.6 | ) | (41.0 | ) | (128.0 | ) | (81.4 | ) | ||||||||
Net income available to limited partners
|
$ | 292.6 | $ | 145.6 | $ | 607.0 | $ | 330.5 | ||||||||
Denominator
|
||||||||||||||||
Weighted – average common units outstanding
|
630.1 | 455.8 | 622.4 | 453.3 | ||||||||||||
Weighted – average restricted common units outstanding
|
3.7 | 2.6 | 3.5 | 2.2 | ||||||||||||
Class B units outstanding
|
4.5 | -- | 4.5 | -- | ||||||||||||
Incremental option units
|
0.8 | 0.1 | 0.9 | 0.1 | ||||||||||||
Total
|
639.1 | 458.5 | 631.3 | 455.6 | ||||||||||||
Diluted earnings per unit
|
||||||||||||||||
Net income per unit before EPGP earnings allocation
|
$ | 0.56 | $ | 0.41 | $ | 1.16 | $ | 0.91 | ||||||||
Net income available to EPGP
|
(0.10 | ) | (0.09 | ) | (0.20 | ) | (0.18 | ) | ||||||||
Net income available to limited partners
|
$ | 0.46 | $ | 0.32 | $ | 0.96 | $ | 0.73 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Business interruption proceeds:
|
||||||||||||||||
Hurricane Ike
|
$ | -- | $ | -- | $ | 1.1 | $ | -- | ||||||||
Total business interruption proceeds
|
-- | -- | 1.1 | -- | ||||||||||||
Property damage proceeds:
|
||||||||||||||||
Hurricane Katrina
|
-- | -- | -- | 23.2 | ||||||||||||
Hurricane Rita
|
9.5 | -- | 36.3 | -- | ||||||||||||
Hurricane Ike
|
-- | 1.9 | -- | |||||||||||||
Total property damage proceeds (1)
|
9.5 | -- | 38.2 | 23.2 | ||||||||||||
Total
|
$ | 9.5 | $ | -- | $ | 39.3 | $ | 23.2 | ||||||||
(1)
Our operating income for the three months ended June 30, 2010 includes $9.5 million of proceeds from property damage insurance claims. For the six months ended June 30, 2010 and 2009, operating income includes $17.1 million and $0.6 million, respectively, of proceeds from property damage insurance claims. We recognize such gains when the amount of insurance proceeds from property damage insurance claims received exceed the related costs of the associated asset(s).
|
For the Six Months
|
||||||||
Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
Decrease (increase) in:
|
||||||||
Accounts and notes receivable – trade
|
$ | 184.5 | $ | (235.4 | ) | |||
Accounts receivable – related party
|
10.2 | 36.7 | ||||||
Inventories
|
(326.4 | ) | (658.3 | ) | ||||
Prepaid and other current assets
|
(113.4 | ) | (39.9 | ) | ||||
Other assets
|
14.0 | (30.6 | ) | |||||
Increase (decrease) in:
|
||||||||
Accounts payable – trade
|
68.4 | (42.1 | ) | |||||
Accounts payable – related party
|
67.9 | 73.4 | ||||||
Accrued product payables
|
(271.8 | ) | 580.3 | |||||
Accrued interest
|
8.7 | 19.4 | ||||||
Other current liabilities
|
27.6 | (76.3 | ) | |||||
Other liabilities
|
(6.2 | ) | (4.7 | ) | ||||
Net effect of changes in operating accounts
|
$ | (336.5 | ) | $ | (377.5 | ) |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO)
|
Other Subsidiaries (Non-guarantor)
|
EPO and Subsidiaries Eliminations and Adjustments
|
Consolidated EPO and Subsidiaries
|
Parent Company (Guarantor)
|
Eliminations and Adjustments
|
Consolidated Total
|
||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 440.1 | $ | 58.3 | $ | (6.5 | ) | $ | 491.9 | $ | 2.6 | $ | -- | $ | 494.5 | |||||||||||||
Restricted cash
|
17.7 | 1.4 | -- | 19.1 | -- | -- | 19.1 | |||||||||||||||||||||
Accounts and notes receivable, net
|
618.8 | 2,301.2 | 25.9 | 2,945.9 | (2.6 | ) | -- | 2,943.3 | ||||||||||||||||||||
Inventories
|
853.7 | 173.9 | (2.1 | ) | 1,025.5 | -- | -- | 1,025.5 | ||||||||||||||||||||
Prepaid and other current assets
|
261.8 | 176.5 | (15.3 | ) | 423.0 | 0.2 | -- | 423.2 | ||||||||||||||||||||
Total current assets
|
2,192.1 | 2,711.3 | 2.0 | 4,905.4 | 0.2 | -- | 4,905.6 | |||||||||||||||||||||
Property, plant and equipment, net
|
1,364.0 | 16,978.2 | (10.2 | ) | 18,332.0 | -- | -- | 18,332.0 | ||||||||||||||||||||
Investments in unconsolidated affiliates
|
20,117.3 | 5,937.3 | (25,181.4 | ) | 873.2 | 10,396.2 | (10,396.2 | ) | 873.2 | |||||||||||||||||||
Intangible assets, net
|
162.5 | 1,748.6 | (15.0 | ) | 1,896.1 | -- | -- | 1,896.1 | ||||||||||||||||||||
Goodwill
|
473.7 | 1,576.9 | -- | 2,050.6 | -- | -- | 2,050.6 | |||||||||||||||||||||
Other assets
|
258.3 | 122.5 | (149.9 | ) | 230.9 | -- | 1.1 | 232.0 | ||||||||||||||||||||
Total assets
|
$ | 24,567.9 | $ | 29,074.8 | $ | (25,354.5 | ) | $ | 28,288.2 | $ | 10,396.4 | $ | (10,395.1 | ) | $ | 28,289.5 | ||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$ | -- | $ | 263.9 | $ | (8.9 | ) | $ | 255.0 | $ | -- | $ | -- | $ | 255.0 | |||||||||||||
Accounts payable
|
186.9 | 517.6 | (109.7 | ) | 594.8 | -- | -- | 594.8 | ||||||||||||||||||||
Accrued product payables
|
1,474.8 | 1,661.9 | (15.8 | ) | 3,120.9 | -- | -- | 3,120.9 | ||||||||||||||||||||
Other current liabilities
|
438.7 | 269.5 | (11.6 | ) | 696.6 | -- | 0.1 | 696.7 | ||||||||||||||||||||
Total current liabilities
|
2,100.4 | 2,712.9 | (146.0 | ) | 4,667.3 | -- | 0.1 | 4,667.4 | ||||||||||||||||||||
Long-term debt
|
12,022.7 | 393.8 | -- | 12,416.5 | -- | -- | 12,416.5 | |||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Other long-term liabilities
|
68.9 | 212.5 | (1.2 | ) | 280.2 | -- | -- | 280.2 | ||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
10,375.9 | 22,128.5 | (22,119.9 | ) | 10,384.5 | 10,396.4 | (10,384.5 | ) | 10,396.4 | |||||||||||||||||||
Noncontrolling interests
|
-- | 3,627.1 | (3,087.4 | ) | 539.7 | -- | (10.7 | ) | 529.0 | |||||||||||||||||||
Total equity
|
10,375.9 | 25,755.6 | (25,207.3 | ) | 10,924.2 | 10,396.4 | (10,395.2 | ) | 10,925.4 | |||||||||||||||||||
Total liabilities and equity
|
$ | 24,567.9 | $ | 29,074.8 | $ | (25,354.5 | ) | $ | 28,288.2 | $ | 10,396.4 | $ | (10,395.1 | ) | $ | 28,289.5 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO)
|
Other Subsidiaries (Non-guarantor)
|
EPO and Subsidiaries Eliminations and Adjustments
|
Consolidated EPO and Subsidiaries
|
Parent Company (Guarantor)
|
Eliminations and Adjustments
|
Consolidated Total
|
||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 14.4 | $ | 46.3 | $ | (6.2 | ) | $ | 54.5 | $ | -- | $ | 0.2 | $ | 54.7 | |||||||||||||
Restricted cash
|
63.1 | 0.5 | -- | 63.6 | -- | -- | 63.6 | |||||||||||||||||||||
Accounts and notes receivable, net
|
509.6 | 2,674.0 | (45.7 | ) | 3,137.9 | (0.3 | ) | (0.2 | ) | 3,137.4 | ||||||||||||||||||
Inventories
|
595.4 | 120.3 | (3.8 | ) | 711.9 | -- | -- | 711.9 | ||||||||||||||||||||
Prepaid and other current assets
|
185.4 | 100.6 | (6.7 | ) | 279.3 | -- | -- | 279.3 | ||||||||||||||||||||
Total current assets
|
1,367.9 | 2,941.7 | (62.4 | ) | 4,247.2 | (0.3 | ) | -- | 4,246.9 | |||||||||||||||||||
Property, plant and equipment, net
|
1,436.1 | 16,242.0 | 11.1 | 17,689.2 | -- | -- | 17,689.2 | |||||||||||||||||||||
Investments in unconsolidated affiliates
|
18,981.2 | 5,912.7 | (24,003.3 | ) | 890.6 | 9,512.4 | (9,512.4 | ) | 890.6 | |||||||||||||||||||
Intangible assets, net
|
170.0 | 910.3 | (15.5 | ) | 1,064.8 | -- | -- | 1,064.8 | ||||||||||||||||||||
Goodwill
|
473.7 | 1,544.6 | -- | 2,018.3 | -- | -- | 2,018.3 | |||||||||||||||||||||
Other assets
|
287.2 | 131.1 | (177.4 | ) | 240.9 | -- | 0.9 | 241.8 | ||||||||||||||||||||
Total assets
|
$ | 22,716.1 | $ | 27,682.4 | $ | (24,247.5 | ) | $ | 26,151.0 | $ | 9,512.1 | $ | (9,511.5 | ) | $ | 26,151.6 | ||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Accounts payable
|
$ | 146.3 | $ | 551.5 | $ | (217.4 | ) | $ | 480.4 | $ | -- | $ | -- | $ | 480.4 | |||||||||||||
Accrued product payables
|
1,842.6 | 1,557.3 | (6.9 | ) | 3,393.0 | -- | -- | 3,393.0 | ||||||||||||||||||||
Other current liabilities
|
403.7 | 274.2 | (15.3 | ) | 662.6 | -- | -- | 662.6 | ||||||||||||||||||||
Total current liabilities
|
2,392.6 | 2,383.0 | (239.6 | ) | 4,536.0 | -- | -- | 4,536.0 | ||||||||||||||||||||
Long-term debt
|
10,777.6 | 568.8 | -- | 11,346.4 | -- | -- | 11,346.4 | |||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Other long-term liabilities
|
17.9 | 209.0 | -- | 226.9 | -- | -- | 226.9 | |||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
9,528.0 | 21,058.3 | (21,084.5 | ) | 9,501.8 | 9,512.1 | (9,501.8 | ) | 9,512.1 | |||||||||||||||||||
Noncontrolling interests
|
-- | 3,463.3 | (2,923.4 | ) | 539.9 | -- | (9.7 | ) | 530.2 | |||||||||||||||||||
Total equity
|
9,528.0 | 24,521.6 | (24,007.9 | ) | 10,041.7 | 9,512.1 | (9,511.5 | ) | 10,042.3 | |||||||||||||||||||
Total liabilities and equity
|
$ | 22,716.1 | $ | 27,682.4 | $ | (24,247.5 | ) | $ | 26,151.0 | $ | 9,512.1 | $ | (9,511.5 | ) | $ | 26,151.6 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO)
|
Other Subsidiaries (Non-guarantor)
|
EPO and Subsidiaries Eliminations and Adjustments
|
Consolidated EPO and Subsidiaries
|
Parent Company (Guarantor)
|
Eliminations and Adjustments
|
Consolidated Total
|
||||||||||||||||||||||
Revenues
|
$ | 5,658.5 | $ | 4,787.3 | $ | (2,902.4 | ) | $ | 7,543.4 | $ | -- | $ | -- | $ | 7,543.4 | |||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
5,550.4 | 4,325.8 | (2,902.0 | ) | 6,974.2 | -- | -- | 6,974.2 | ||||||||||||||||||||
General and administrative costs
|
2.9 | 32.8 | -- | 35.7 | 2.2 | -- | 37.9 | |||||||||||||||||||||
Total costs and expenses
|
5,553.3 | 4,358.6 | (2,902.0 | ) | 7,009.9 | 2.2 | -- | 7,012.1 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
419.3 | 42.4 | (445.0 | ) | 16.7 | 359.4 | (359.4 | ) | 16.7 | |||||||||||||||||||
Operating income
|
524.5 | 471.1 | (445.4 | ) | 550.2 | 357.2 | (359.4 | ) | 548.0 | |||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(164.1 | ) | (7.0 | ) | 2.5 | (168.6 | ) | -- | -- | (168.6 | ) | |||||||||||||||||
Other, net
|
2.6 | 0.3 | (2.5 | ) | 0.4 | -- | -- | 0.4 | ||||||||||||||||||||
Total other expense, net
|
(161.5 | ) | (6.7 | ) | -- | (168.2 | ) | -- | -- | (168.2 | ) | |||||||||||||||||
Income before provision for income taxes
|
363.0 | 464.4 | (445.4 | ) | 382.0 | 357.2 | (359.4 | ) | 379.8 | |||||||||||||||||||
Provision for income taxes
|
(3.4 | ) | (3.1 | ) | -- | (6.5 | ) | -- | -- | (6.5 | ) | |||||||||||||||||
Net income
|
359.6 | 461.3 | (445.4 | ) | 375.5 | 357.2 | (359.4 | ) | 373.3 | |||||||||||||||||||
Net income attributable to noncontrolling interests
|
-- | 6.4 | (22.7 | ) | (16.3 | ) | -- | 0.2 | (16.1 | ) | ||||||||||||||||||
Net income attributable to entity
|
$ | 359.6 | $ | 467.7 | $ | (468.1 | ) | $ | 359.2 | $ | 357.2 | $ | (359.2 | ) | $ | 357.2 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO)
|
Other Subsidiaries (Non-guarantor)
|
EPO and Subsidiaries Eliminations and Adjustments
|
Consolidated EPO and Subsidiaries
|
Parent Company (Guarantor)
|
Eliminations and Adjustments
|
Consolidated Total
|
||||||||||||||||||||||
Revenues
|
$ | 3,750.6 | $ | 3,418.2 | $ | (1,734.5 | ) | $ | 5,434.3 | $ | -- | $ | -- | $ | 5,434.3 | |||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
3,693.7 | 2,997.8 | (1,667.0 | ) | 5,024.5 | -- | -- | 5,024.5 | ||||||||||||||||||||
General and administrative costs
|
4.0 | 37.7 | -- | 41.7 | 4.4 | -- | 46.1 | |||||||||||||||||||||
Total costs and expenses
|
3,697.7 | 3,035.5 | (1,667.0 | ) | 5,066.2 | 4.4 | -- | 5,070.6 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
258.9 | (45.1 | ) | (204.2 | ) | 9.6 | 191.0 | (191.0 | ) | 9.6 | ||||||||||||||||||
Operating income
|
311.8 | 337.6 | (271.7 | ) | 377.7 | 186.6 | (191.0 | ) | 373.3 | |||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(122.6 | ) | (38.9 | ) | 3.0 | (158.5 | ) | -- | -- | (158.5 | ) | |||||||||||||||||
Other, net
|
2.9 | 0.9 | (3.0 | ) | 0.8 | -- | -- | 0.8 | ||||||||||||||||||||
Total other expense, net
|
(119.7 | ) | (38.0 | ) | -- | (157.7 | ) | -- | -- | (157.7 | ) | |||||||||||||||||
Income before provision for income taxes
|
192.1 | 299.6 | (271.7 | ) | 220.0 | 186.6 | (191.0 | ) | 215.6 | |||||||||||||||||||
Provision for income taxes
|
(1.2 | ) | (1.9 | ) | -- | (3.1 | ) | -- | -- | (3.1 | ) | |||||||||||||||||
Net income
|
190.9 | 297.7 | (271.7 | ) | 216.9 | 186.6 | (191.0 | ) | 212.5 | |||||||||||||||||||
Net income attributable to noncontrolling interests
|
-- | 12.4 | (38.5 | ) | (26.1 | ) | -- | 0.2 | (25.9 | ) | ||||||||||||||||||
Net income attributable to entity
|
$ | 190.9 | $ | 310.1 | $ | (310.2 | ) | $ | 190.8 | $ | 186.6 | $ | (190.8 | ) | $ | 186.6 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO)
|
Other Subsidiaries (Non-guarantor)
|
EPO and Subsidiaries Eliminations and Adjustments
|
Consolidated EPO and Subsidiaries
|
Parent Company (Guarantor)
|
Eliminations and Adjustments
|
Consolidated Total
|
||||||||||||||||||||||
Revenues
|
$ | 12,615.9 | $ | 9,400.3 | $ | (5,928.3 | ) | $ | 16,087.9 | $ | -- | $ | -- | $ | 16,087.9 | |||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
12,396.5 | 8,478.1 | (5,928.5 | ) | 14,946.1 | -- | -- | 14,946.1 | ||||||||||||||||||||
General and administrative costs
|
2.9 | 68.4 | -- | 71.3 | 4.2 | -- | 75.5 | |||||||||||||||||||||
Total costs and expenses
|
12,399.4 | 8,546.5 | (5,928.5 | ) | 15,017.4 | 4.2 | -- | 15,021.6 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
833.0 | 95.9 | (896.2 | ) | 32.7 | 739.2 | (739.2 | ) | 32.7 | |||||||||||||||||||
Operating income
|
1,049.5 | 949.7 | (896.0 | ) | 1,103.2 | 735.0 | (739.2 | ) | 1,099.0 | |||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(307.9 | ) | (14.4 | ) | 5.1 | (317.2 | ) | -- | -- | (317.2 | ) | |||||||||||||||||
Other, net
|
5.4 | 0.2 | (5.1 | ) | 0.5 | -- | -- | 0.5 | ||||||||||||||||||||
Total other expense, net
|
(302.5 | ) | (14.2 | ) | -- | (316.7 | ) | -- | -- | (316.7 | ) | |||||||||||||||||
Income before provision for income taxes
|
747.0 | 935.5 | (896.0 | ) | 786.5 | 735.0 | (739.2 | ) | 782.3 | |||||||||||||||||||
Provision for income taxes
|
(8.3 | ) | (6.9 | ) | -- | (15.2 | ) | -- | -- | (15.2 | ) | |||||||||||||||||
Net income
|
738.7 | 928.6 | (896.0 | ) | 771.3 | 735.0 | (739.2 | ) | 767.1 | |||||||||||||||||||
Net income attributable to noncontrolling interests
|
-- | 6.6 | (39.0 | ) | (32.4 | ) | -- | 0.3 | (32.1 | ) | ||||||||||||||||||
Net income attributable to entity
|
$ | 738.7 | $ | 935.2 | $ | (935.0 | ) | $ | 738.9 | $ | 735.0 | $ | (738.9 | ) | $ | 735.0 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO)
|
Other Subsidiaries (Non-guarantor)
|
EPO and Subsidiaries Eliminations and Adjustments
|
Consolidated EPO and Subsidiaries
|
Parent Company (Guarantor)
|
Eliminations and Adjustments
|
Consolidated Total
|
||||||||||||||||||||||
Revenues
|
$ | 7,432.3 | $ | 6,276.4 | $ | (3,387.5 | ) | $ | 10,321.2 | $ | -- | $ | -- | $ | 10,321.2 | |||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
7,273.8 | 5,446.5 | (3,319.2 | ) | 9,401.1 | -- | -- | 9,401.1 | ||||||||||||||||||||
General and administrative costs
|
5.9 | 68.7 | -- | 74.6 | 6.4 | -- | 81.0 | |||||||||||||||||||||
Total costs and expenses
|
7,279.7 | 5,515.2 | (3,319.2 | ) | 9,475.7 | 6.4 | -- | 9,482.1 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
503.1 | 10.3 | (496.4 | ) | 17.0 | 418.3 | (418.3 | ) | 17.0 | |||||||||||||||||||
Operating income
|
655.7 | 771.5 | (564.7 | ) | 862.5 | 411.9 | (418.3 | ) | 856.1 | |||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(239.2 | ) | (78.0 | ) | 6.2 | (311.0 | ) | -- | -- | (311.0 | ) | |||||||||||||||||
Other, net
|
6.2 | 2.0 | (6.2 | ) | 2.0 | -- | -- | 2.0 | ||||||||||||||||||||
Total other expense, net
|
(233.0 | ) | (76.0 | ) | -- | (309.0 | ) | -- | -- | (309.0 | ) | |||||||||||||||||
Income before provision for income taxes
|
422.7 | 695.5 | (564.7 | ) | 553.5 | 411.9 | (418.3 | ) | 547.1 | |||||||||||||||||||
Provision for income taxes
|
(4.5 | ) | (14.6 | ) | -- | (19.1 | ) | -- | -- | (19.1 | ) | |||||||||||||||||
Net income
|
418.2 | 680.9 | (564.7 | ) | 534.4 | 411.9 | (418.3 | ) | 528.0 | |||||||||||||||||||
Net income attributable to noncontrolling interests
|
-- | 15.0 | (131.3 | ) | (116.3 | ) | -- | 0.2 | (116.1 | ) | ||||||||||||||||||
Net income attributable to entity
|
$ | 418.2 | $ | 695.9 | $ | (696.0 | ) | $ | 418.1 | $ | 411.9 | $ | (418.1 | ) | $ | 411.9 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO)
|
Other Subsidiaries (Non-guarantor)
|
EPO and Subsidiaries Eliminations and Adjustments
|
Consolidated EPO and Subsidiaries
|
Parent Company (Guarantor)
|
Eliminations and Adjustments
|
Consolidated Total
|
||||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$ | 738.7 | $ | 928.6 | $ | (896.0 | ) | $ | 771.3 | $ | 735.0 | $ | (739.2 | ) | $ | 767.1 | ||||||||||||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
45.7 | 406.4 | (0.7 | ) | 451.4 | -- | -- | 451.4 | ||||||||||||||||||||
Non-cash asset impairment charges
|
-- | 1.5 | -- | 1.5 | -- | -- | 1.5 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(833.0 | ) | (95.9 | ) | 896.2 | (32.7 | ) | (739.2 | ) | 739.2 | (32.7 | ) | ||||||||||||||||
Distributions received from unconsolidated affiliates
|
88.0 | 85.4 | (114.6 | ) | 58.8 | 838.7 | (838.7 | ) | 58.8 | |||||||||||||||||||
Operating lease expenses paid by EPCO
|
0.3 | -- | -- | 0.3 | -- | -- | 0.3 | |||||||||||||||||||||
Gains from asset sales and related transactions
|
(0.1 | ) | (5.6 | ) | -- | (5.7 | ) | -- | -- | (5.7 | ) | |||||||||||||||||
Deferred income tax expense
|
0.3 | 1.1 | -- | 1.4 | -- | (0.1 | ) | 1.3 | ||||||||||||||||||||
Changes in fair market value of derivative instruments
|
(3.7 | ) | (1.3 | ) | -- | (5.0 | ) | -- | -- | (5.0 | ) | |||||||||||||||||
Effect of pension settlement recognition
|
-- | (0.2 | ) | -- | (0.2 | ) | -- | -- | (0.2 | ) | ||||||||||||||||||
Net effect of changes in operating accounts
|
388.1 | (866.4 | ) | 140.5 | (337.8 | ) | 1.4 | (0.1 | ) | (336.5 | ) | |||||||||||||||||
Cash provided by operating activities
|
424.3 | 453.6 | 25.4 | 903.3 | 835.9 | (838.9 | ) | 900.3 | ||||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
63.2 | (801.3 | ) | -- | (738.1 | ) | -- | -- | (738.1 | ) | ||||||||||||||||||
Decrease (increase) in restricted cash
|
53.5 | (0.9 | ) | -- | 52.6 | -- | -- | 52.6 | ||||||||||||||||||||
Cash used for business combinations
|
(2.2 | ) | (1,218.0 | ) | -- | (1,220.2 | ) | -- | -- | (1,220.2 | ) | |||||||||||||||||
Investments in unconsolidated affiliates
|
(1,448.2 | ) | (9.6 | ) | 1,447.6 | (10.2 | ) | (988.9 | ) | 988.9 | (10.2 | ) | ||||||||||||||||
Repayment of affiliate loan
|
(45.6 | ) | 45.6 | -- | -- | -- | -- | -- | ||||||||||||||||||||
Proceeds from asset sales and related transactions
|
0.2 | 23.9 | -- | 24.1 | -- | -- | 24.1 | |||||||||||||||||||||
Cash used in investing activities
|
(1,379.1 | ) | (1,960.3 | ) | 1,447.6 | (1,891.8 | ) | (988.9 | ) | 988.9 | (1,891.8 | ) | ||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
3,435.7 | 103.1 | -- | 3,538.8 | -- | -- | 3,538.8 | |||||||||||||||||||||
Repayments of debt
|
(2,191.9 | ) | (23.1 | ) | -- | (2,215.0 | ) | -- | -- | (2,215.0 | ) | |||||||||||||||||
Cash distributions paid to partners
|
(838.7 | ) | (109.7 | ) | 109.7 | (838.7 | ) | (830.9 | ) | 838.7 | (830.9 | ) | ||||||||||||||||
Unit option-related reimbursements to EPCO
|
-- | -- | -- | -- | (2.2 | ) | -- | (2.2 | ) | |||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
-- | (52.5 | ) | 15.9 | (36.6 | ) | -- | -- | (36.6 | ) | ||||||||||||||||||
Net cash proceeds from issuance of common units
|
-- | -- | -- | -- | 990.1 | -- | 990.1 | |||||||||||||||||||||
Cash proceeds from exercise of unit options
|
-- | -- | -- | -- | 1.6 | -- | 1.6 | |||||||||||||||||||||
Cash contributions from members
|
988.9 | 1,387.6 | (1,387.6 | ) | 988.9 | -- | (988.9 | ) | -- | |||||||||||||||||||
Cash contributions from noncontrolling interests
|
-- | 213.2 | (211.3 | ) | 1.9 | -- | -- | 1.9 | ||||||||||||||||||||
Other financing activities
|
(13.5 | ) | -- | -- | (13.5 | ) | (3.0 | ) | -- | (16.5 | ) | |||||||||||||||||
Cash provided by financing activities
|
1,380.5 | 1,518.6 | (1,473.3 | ) | 1,425.8 | 155.6 | (150.2 | ) | 1,431.2 | |||||||||||||||||||
Effect of exchange rate changes on cash
|
-- | 0.1 | -- | 0.1 | -- | -- | 0.1 | |||||||||||||||||||||
Net change in cash and cash equivalents
|
425.7 | 11.9 | (0.3 | ) | 437.3 | 2.6 | (0.2 | ) | 439.7 | |||||||||||||||||||
Cash and cash equivalents, January 1
|
14.4 | 46.3 | (6.2 | ) | 54.5 | -- | 0.2 | 54.7 | ||||||||||||||||||||
Cash and cash equivalents, June 30
|
$ | 440.1 | $ | 58.3 | $ | (6.5 | ) | $ | 491.9 | $ | 2.6 | $ | -- | $ | 494.5 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO)
|
Other Subsidiaries (Non-guarantor)
|
EPO and Subsidiaries Eliminations and Adjustments
|
Consolidated EPO and Subsidiaries
|
Parent Company (Guarantor)
|
Eliminations and Adjustments
|
Consolidated Total
|
||||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$ | 418.2 | $ | 680.9 | $ | (564.7 | ) | $ | 534.4 | $ | 411.9 | $ | (418.3 | ) | $ | 528.0 | ||||||||||||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
38.9 | 370.1 | (1.3 | ) | 407.7 | -- | -- | 407.7 | ||||||||||||||||||||
Non-cash asset impairment charges
|
-- | 2.3 | -- | 2.3 | -- | -- | 2.3 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(503.1 | ) | (10.3 | ) | 496.4 | (17.0 | ) | (418.3 | ) | 418.3 | (17.0 | ) | ||||||||||||||||
Distributions received from unconsolidated affiliates
|
172.9 | 123.1 | (262.5 | ) | 33.5 | 576.1 | (576.1 | ) | 33.5 | |||||||||||||||||||
Operating lease expenses paid by EPCO
|
0.3 | -- | -- | 0.3 | -- | -- | 0.3 | |||||||||||||||||||||
Gains from asset sales and related transactions
|
-- | (0.4 | ) | -- | (0.4 | ) | -- | -- | (0.4 | ) | ||||||||||||||||||
Loss on forfeiture of investment in
Texas Offshore Port System
|
-- | 68.4 | -- | 68.4 | -- | -- | 68.4 | |||||||||||||||||||||
Deferred income tax expense
|
(0.7 | ) | 2.7 | -- | 2.0 | -- | (0.2 | ) | 1.8 | |||||||||||||||||||
Changes in fair market value of derivative instruments
|
(9.6 | ) | (2.4 | ) | -- | (12.0 | ) | -- | -- | (12.0 | ) | |||||||||||||||||
Effect of pension settlement recognition
|
-- | (0.1 | ) | -- | (0.1 | ) | -- | -- | (0.1 | ) | ||||||||||||||||||
Net effect of changes in operating accounts
|
95.4 | (603.7 | ) | 133.4 | (374.9 | ) | (2.5 | ) | (0.1 | ) | (377.5 | ) | ||||||||||||||||
Cash provided by operating activities
|
212.3 | 630.6 | (198.7 | ) | 644.2 | 567.2 | (576.4 | ) | 635.0 | |||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(98.5 | ) | (725.4 | ) | -- | (823.9 | ) | -- | -- | (823.9 | ) | |||||||||||||||||
Decrease in restricted cash
|
19.4 | -- | -- | 19.4 | -- | -- | 19.4 | |||||||||||||||||||||
Cash used for business combinations
|
(23.7 | ) | (50.0 | ) | -- | (73.7 | ) | -- | -- | (73.7 | ) | |||||||||||||||||
Acquisition of intangible assets
|
-- | (1.4 | ) | -- | (1.4 | ) | -- | -- | (1.4 | ) | ||||||||||||||||||
Investments in unconsolidated affiliates
|
(243.4 | ) | (26.9 | ) | 260.5 | (9.8 | ) | (398.5 | ) | 398.5 | (9.8 | ) | ||||||||||||||||
Proceeds from asset sales and related transactions
|
-- | 0.6 | -- | 0.6 | -- | -- | 0.6 | |||||||||||||||||||||
Other investing activities
|
-- | 1.5 | -- | 1.5 | -- | -- | 1.5 | |||||||||||||||||||||
Cash used in investing activities
|
(346.2 | ) | (801.6 | ) | 260.5 | (887.3 | ) | (398.5 | ) | 398.5 | (887.3 | ) | ||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
2,747.0 | 797.4 | -- | 3,544.4 | -- | -- | 3,544.4 | |||||||||||||||||||||
Repayments of debt
|
(2,415.6 | ) | (608.0 | ) | -- | (3,023.6 | ) | -- | -- | (3,023.6 | ) | |||||||||||||||||
Cash distributions paid to partners
|
(576.1 | ) | (208.1 | ) | 208.1 | (576.1 | ) | (566.1 | ) | 576.1 | (566.1 | ) | ||||||||||||||||
Unit option-related reimbursements to EPCO
|
-- | -- | -- | -- | (0.3 | ) | -- | (0.3 | ) | |||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
-- | (227.1 | ) | 16.4 | (210.7 | ) | -- | 0.1 | (210.6 | ) | ||||||||||||||||||
Net cash proceeds from issuance of common units
|
-- | -- | -- | -- | 398.6 | -- | 398.6 | |||||||||||||||||||||
Cash proceeds from exercise of unit options
|
-- | -- | -- | -- | 0.2 | -- | 0.2 | |||||||||||||||||||||
Cash contributions from members
|
398.5 | 171.5 | (171.5 | ) | 398.5 | -- | (398.5 | ) | -- | |||||||||||||||||||
Cash contributions from noncontrolling interests
|
-- | 232.4 | (108.1 | ) | 124.3 | -- | -- | 124.3 | ||||||||||||||||||||
Other financing activities
|
(5.0 | ) | (0.4 | ) | -- | (5.4 | ) | -- | -- | (5.4 | ) | |||||||||||||||||
Cash provided by financing activities
|
148.8 | 157.7 | (55.1 | ) | 251.4 | (167.6 | ) | 177.7 | 261.5 | |||||||||||||||||||
Effect of exchange rate changes on cash
|
-- | (2.2 | ) | -- | (2.2 | ) | -- | -- | (2.2 | ) | ||||||||||||||||||
Net change in cash and cash equivalents
|
14.9 | (13.3 | ) | 6.7 | 8.3 | 1.1 | (0.2 | ) | 9.2 | |||||||||||||||||||
Cash and cash equivalents, January 1
|
1.0 | 69.7 | (9.4 | ) | 61.3 | 0.2 | 0.2 | 61.7 | ||||||||||||||||||||
Cash and cash equivalents, June 30
|
$ | 15.9 | $ | 54.2 | $ | (2.7 | ) | $ | 67.4 | $ | 1.3 | $ | -- | $ | 68.7 |
/d
|
= per day
|
|
BBtus
|
= billion British thermal units
|
|
MBPD
|
= thousand barrels per day
|
|
MMBbls
|
= million barrels
|
|
MMBtus
|
= million British thermal units
|
|
MMcf
|
= million cubic feet
|
|
Bcf
|
= billion cubic feet
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues
|
$ | 7,543.4 | $ | 5,434.3 | $ | 16,087.9 | $ | 10,321.2 | ||||||||
Operating costs and expenses
|
6,974.2 | 5,024.5 | 14,946.1 | 9,401.1 | ||||||||||||
General and administrative costs
|
37.9 | 46.1 | 75.5 | 81.0 | ||||||||||||
Equity in income of unconsolidated affiliates
|
16.7 | 9.6 | 32.7 | 17.0 | ||||||||||||
Operating income
|
548.0 | 373.3 | 1,099.0 | 856.1 | ||||||||||||
Interest expense
|
168.6 | 158.5 | 317.2 | 311.0 | ||||||||||||
Provision for income taxes
|
6.5 | 3.1 | 15.2 | 19.1 | ||||||||||||
Net income
|
373.3 | 212.5 | 767.1 | 528.0 | ||||||||||||
Net income attributable to noncontrolling interests
|
16.1 | 25.9 | 32.1 | 116.1 | ||||||||||||
Net income attributable to Enterprise Products Partners L.P.
|
357.2 | 186.6 | 735.0 | 411.9 |
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Gross operating margin by segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$ | 441.0 | $ | 363.8 | $ | 878.3 | $ | 714.7 | ||||||||
Onshore Natural Gas Pipelines & Services
|
106.9 | 121.2 | 237.2 | 283.1 | ||||||||||||
Onshore Crude Oil Pipelines & Services
|
25.9 | 42.1 | 52.6 | 92.6 | ||||||||||||
Offshore Pipelines & Services
|
82.8 | (1.1 | ) | 163.9 | 60.2 | |||||||||||
Petrochemical & Refined Products Services
|
158.1 | 96.1 | 278.1 | 185.6 | ||||||||||||
Total segment gross operating margin
|
$ | 814.7 | $ | 622.1 | $ | 1,610.1 | $ | 1,336.2 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs
|
$ | 2,804.4 | $ | 2,260.0 | $ | 6,468.5 | $ | 4,512.2 | ||||||||
Sales of other petroleum and related products
|
0.7 | 0.4 | 1.2 | 0.9 | ||||||||||||
Midstream services
|
174.2 | 143.2 | 355.9 | 310.9 | ||||||||||||
Total
|
2,979.3 | 2,403.6 | 6,825.6 | 4,824.0 | ||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
655.6 | 497.4 | 1,630.8 | 1,054.0 | ||||||||||||
Midstream services
|
189.3 | 181.5 | 375.6 | 358.4 | ||||||||||||
Total
|
844.9 | 678.9 | 2,006.4 | 1,412.4 | ||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
2,603.4 | 1,709.0 | 4,970.7 | 2,954.8 | ||||||||||||
Midstream services
|
25.9 | 18.0 | 45.2 | 42.1 | ||||||||||||
Total
|
2,629.3 | 1,727.0 | 5,015.9 | 2,996.9 | ||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
0.4 | 0.3 | 0.8 | 0.6 | ||||||||||||
Sales of crude oil
|
1.9 | 0.9 | 4.0 | 1.1 | ||||||||||||
Midstream services
|
85.0 | 76.1 | 171.1 | 144.1 | ||||||||||||
Total
|
87.3 | 77.3 | 175.9 | 145.8 | ||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of other petroleum and related products
|
871.7 | 413.3 | 1,804.3 | 674.8 | ||||||||||||
Midstream services
|
130.9 | 134.2 | 259.8 | 267.3 | ||||||||||||
Total
|
1,002.6 | 547.5 | 2,064.1 | 942.1 | ||||||||||||
Total consolidated revenues
|
$ | 7,543.4 | $ | 5,434.3 | $ | 16,087.9 | $ | 10,321.2 |
For the Six Months
|
||||||||
Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
Net cash flows provided by operating activities
|
$ | 900.3 | $ | 635.0 | ||||
Cash used in investing activities
|
1,891.8 | 887.3 | ||||||
Cash provided by financing activities
|
1,431.2 | 261.5 |
§
|
Net cash flows from consolidated operations (excluding distributions received from unconsolidated affiliates, cash payments for interest and cash payments for income taxes) increased $255.0 million period-to-period. The increase in operating cash flow is generally due to increased profitability (e.g., our gross operating margin increased $273.9 million period-to-period) and the timing of related cash receipts and disbursements.
|
§
|
Distributions received from unconsolidated affiliates increased $25.3 million period-to-period primarily due to higher distributions received from Poseidon and Cameron Highway. In February 2010, we also began receiving distributions from Skelly-Belvieu Pipeline Company, L.L.C.
|
§
|
Cash payments for interest increased approximately $33.7 million period-to-period primarily due to an increase in fixed-rate debt obligations period-to-period.
|
§
|
Cash payments for income taxes decreased $18.7 million period-to-period primarily due to higher payments made during the six months ended June 30, 2009 for the Texas Margin Tax and a taxable gain arising from Dixie’s sale of certain assets.
|
§
|
Cash used for business combinations increased $1.15 billion period-to-period, primarily due to the May 2010 acquisition of the State Line and Fairplay natural gas gathering systems for approximately $1.2 billion.
|
§
|
Capital spending for property, plant and equipment, net of contributions in aid of construction costs, decreased $85.8 million period-to-period. For additional information related to our capital spending program, see “Liquidity and Capital Resources – Capital Spending” included within this Item 2.
|
§
|
Restricted cash decreased $33.2 million period-to-period due to a reduction in margin requirements related to our commodity hedging activities.
|
§
|
Proceeds from asset sales and related transactions increased $23.5 million period-to-period.
|
§
|
Net borrowings under our consolidated debt agreements increased $803.0 million period-to-period. During the six months ended June 30, 2010 EPO issued $2.0 billion in senior notes (Senior Notes X, Y and Z) offset by (i) the maturity and repayment of its $500.0 million of Senior Notes K and its $54.0 million Pascagoula Mississippi Business Finance Corporation (“MBFC”) Loan and (ii) the temporary repayment of amounts borrowed under its Multi-Year Revolving Credit Facility. For additional information regarding our consolidated debt obligations see Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Item 1 of this quarterly report.
|
§
|
Cash distributions paid to our partners increased $266.7 million period-to-period due to increases in our common units outstanding and quarterly distribution rates.
|
§
|
Cash distributions paid to noncontrolling interests decreased $174.0 million period-to-period primarily due to the cessation of TEPPCO’s cash distributions following the TEPPCO Merger in October 2009.
|
§
|
Cash contributions from noncontrolling interests decreased $122.4 million period-to-period primarily due to Duncan Energy Partner’s equity offering in June 2009, which generated $123.2 million in proceeds.
|
§
|
Net cash proceeds from the issuance of our common units increased $592.9 million period-to-period primarily due to our two underwritten equity offerings in January and April 2010 compared to our one underwritten equity offering in January 2009.
|
For the Six Months
Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
Capital spending for property, plant and equipment, net of contributions in aid of construction costs
|
$ | 738.1 | $ | 823.9 | ||||
Capital spending for business combinations
|
1,220.2 | 73.7 | ||||||
Capital spending for intangible assets
|
-- | 1.4 | ||||||
Capital spending for investments in unconsolidated affiliates
|
10.2 | 9.8 | ||||||
Total capital spending
|
$ | 1,968.5 | $ | 908.8 |
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Expensed
|
$ | 10.0 | $ | 14.2 | $ | 19.4 | $ | 21.6 | ||||||||
Capitalized
|
10.8 | 11.8 | 13.5 | 15.3 | ||||||||||||
Total
|
$ | 20.8 | $ | 26.0 | $ | 32.9 | $ | 36.9 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Total segment gross operating margin
|
$ | 814.7 | $ | 622.1 | $ | 1,610.1 | $ | 1,336.2 | ||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Depreciation, amortization and accretion in operating costs and expenses
|
(227.0 | ) | (200.5 | ) | (439.4 | ) | (396.9 | ) | ||||||||
Non-cash asset impairment charges
|
-- | (2.3 | ) | (1.5 | ) | (2.3 | ) | |||||||||
Operating lease expenses paid by EPCO
|
(0.1 | ) | (0.1 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Gains (losses) from asset sales and related transactions in operating costs and expenses
|
(1.7 | ) | 0.2 | 5.6 | 0.4 | |||||||||||
General and administrative costs
|
(37.9 | ) | (46.1 | ) | (75.5 | ) | (81.0 | ) | ||||||||
Operating income
|
548.0 | 373.3 | 1,099.0 | 856.1 | ||||||||||||
Other expense, net
|
(168.2 | ) | (157.7 | ) | (316.7 | ) | (309.0 | ) | ||||||||
Income before provision for income taxes
|
$ | 379.8 | $ | 215.6 | $ | 782.3 | $ | 547.1 |
Enterprise Products Partners (excluding
Duncan Energy Partners)
|
Resulting
|
Swap Fair Value at
|
|||||||
Scenario
|
Classification
|
June 30, 2010
|
July 20, 2010
|
||||||
FV assuming no change in underlying interest rates
|
Asset
|
$ | 59.9 | $ | 64.8 | ||||
FV assuming 10% increase in underlying interest rates
|
Asset
|
56.5 | 61.9 | ||||||
FV assuming 10% decrease in underlying interest rates
|
Asset
|
63.3 | 67.8 |
Duncan Energy Partners
|
Resulting
|
Swap Fair Value at
|
|||||||
Scenario
|
Classification
|
June 30, 2010
|
July 20, 2010
|
||||||
FV assuming no change in underlying interest rates
|
Liability
|
$ | (1.8 | ) | $ | (1.8 | ) | ||
FV assuming 10% increase in underlying interest rates
|
Liability
|
(1.8 | ) | (1.8 | ) | ||||
FV assuming 10% decrease in underlying interest rates
|
Liability
|
(1.8 | ) | (1.8 | ) |
Resulting
|
Swap Fair Value at
|
||||||||
Scenario
|
Classification
|
June 30, 2010
|
July 20, 2010
|
||||||
FV assuming no change in underlying interest rates
|
Liability
|
$ | (56.6 | ) | $ | (56.4 | ) | ||
FV assuming 10% increase in underlying interest rates
|
Liability
|
(19.8 | ) | (19.7 | ) | ||||
FV assuming 10% decrease in underlying interest rates
|
Liability
|
(97.2 | ) | (97.2 | ) |
Resulting
|
Portfolio Fair Value at
|
||||||||
Scenario
|
Classification
|
June 30, 2010
|
July 20, 2010
|
||||||
FV assuming no change in underlying commodity prices
|
Liability
|
$ | (12.6 | ) | $ | (12.1 | ) | ||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(19.8 | ) | (19.9 | ) | ||||
FV assuming 10% decrease in underlying commodity prices
|
Liability
|
(5.4 | ) | (4.3 | ) |
Resulting
|
Portfolio Fair Value at
|
||||||||
Scenario
|
Classification
|
June 30, 2010
|
July 20, 2010
|
||||||
FV assuming no change in underlying commodity prices
|
Asset
|
$ | 48.5 | $ | 42.8 | ||||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(8.0 | ) | (21.6 | ) | ||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
105.0 | 107.2 |
Resulting
|
Portfolio Fair Value at
|
||||||||
Scenario
|
Classification
|
June 30, 2010
|
July 20, 2010
|
||||||
FV assuming no change in underlying commodity prices
|
Asset
|
$ | 12.1 | $ | 9.5 | ||||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(3.1 | ) | (3.6 | ) | ||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
27.3 | 22.6 |
§
|
the forward sale of a portion of our expected equity NGL production at fixed prices through December 2010, which is achieved through the use of forward physical sales contracts and commodity derivative instruments and
|
§
|
the purchase of commodity derivative instruments having a notional amount based on the volume of natural gas expected to be consumed as PTR in the production of such equity NGL production.
|
(i)
|
that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure; and
|
(ii)
|
that our disclosure controls and procedures are effective.
|
§
|
modify or revoke liability limits and caps under the Oil Spill Liability Trust Fund, the Oil Pollution Act of 1990, and certain other statutes;
|
§
|
revise federal liability regimes to include health effects, personal injuries, and other tort claims;
|
§
|
mandate more stringent safety measures and inspections under the Oil Pollution Act and Outer Continental Shelf Lands Act;
|
§
|
expand environmental reviews and lengthen review timelines;
|
§
|
impose fees, increase taxes or remove tax exemptions;
|
§
|
modify financial responsibility and insurance requirements for offshore energy activities; and
|
§
|
require U.S. registration of oil rigs.
|
Maximum
|
||||||||||||||||
Total Number of
|
Number of Units
|
|||||||||||||||
Average
|
Units Purchased
|
That May Yet
|
||||||||||||||
Total Number of
|
Price Paid
|
as Part of Publicly
|
Be Purchased
|
|||||||||||||
Period
|
Units Purchased
|
per Unit
|
Announced Plans
|
Under the Plans
|
||||||||||||
February 2010 (1)
|
7,480 | $ | 32.17 | -- | -- | |||||||||||
May 2010 (2)
|
78,522 | $ | 35.60 | -- | -- | |||||||||||
(1)
Of the 34,528 restricted units that vested in February 2010 and converted to common units, 7,480 units were sold back to us by employees to cover related withholding tax requirements.
(2)
Of the 287,700 restricted units that vested in May 2010 and converted to common units, 78,522 units were sold back to us by employees to cover related withholding tax requirements.
|
Exhibit Number
|
Exhibit*
|
2.1
|
Merger Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed December 15, 2003).
|
2.2
|
Amendment No. 1 to Merger Agreement, dated as of August 31, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2004).
|
2.3
|
Parent Company Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.2 to Form 8-K filed December 15, 2003).
|
2.4
|
Amendment No. 1 to Parent Company Agreement, dated as of April 19, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 21, 2004).
|
2.5
|
Purchase and Sale Agreement (Gas Plants), dated as of December 15, 2003, by and between El Paso Corporation, El Paso Field Services Management, Inc., El Paso Transmission, L.L.C., El Paso Field Services Holding Company and Enterprise Products Operating L.P. (incorporated by reference to Exhibit 2.4 to Form 8-K filed December 15, 2003).
|
2.6
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub B LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed June 29, 2009).
|
2.7
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub A LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed June 29, 2009).
|
3.1
|
Certificate of Limited Partnership of Enterprise Products Partners L.P. (incorporated by reference to Exhibit 3.6 to Form 10-Q filed November 9, 2007).
|
3.2
|
Fifth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated August 8, 2005 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 10, 2005).
|
3.3
|
Amendment No. 1 to Fifth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P. dated December 27, 2007 (incorporated by reference to Exhibit 3.1 to Form 8-K/A filed January 3, 2008).
|
3.4
|
Amendment No. 2 to Fifth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P. dated April 14, 2008 (incorporated by reference to Exhibit 10.1 to Form 8-K filed April 16, 2008).
|
3.5
|
Amendment No. 3 to Fifth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P. dated November 6, 2008 (incorporated by reference to Exhibit 3.5 to Form 10-Q filed November 10, 2008).
|
3.6
|
Amendment No. 4 to Fifth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P. dated October 26, 2009 (incorporated by reference to Exhibit 3.1 to Form 8-K filed October 28, 2009).
|
3.7
|
Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products GP, LLC, dated November 7, 2007 (incorporated by reference to Exhibit 3.2 to Form 10-Q filed November 9, 2007).
|
3.8
|
First Amendment to Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products GP, LLC, dated November 6, 2008 (incorporated by reference to Exhibit 3.7 to Form 10-Q filed November 10, 2008).
|
3.9
|
Company Agreement of Enterprise Products Operating LLC dated June 30, 2007 (incorporated by reference to Exhibit 3.3 to Form 10-Q filed August 8, 2007).
|
3.10
|
Certificate of Incorporation of Enterprise Products OLPGP, Inc., dated December 3, 2003 (incorporated by reference to Exhibit 3.5 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
3.11
|
Bylaws of Enterprise Products OLPGP, Inc., dated December 8, 2003 (incorporated by reference to Exhibit 3.6 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
4.1
|
Form of Common Unit certificate (incorporated by reference to Exhibit 4.1 to Form S-1A Registration Statement, Reg. No. 333-52537, filed July 21, 1998).
|
4.2
|
Indenture, dated as of March 15, 2000, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed March 10, 2000).
|
4.3
|
First Supplemental Indenture, dated as of January 22, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.4
|
Second Supplemental Indenture, dated as of February 14, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 10-K filed March 31, 2003).
|
4.5
|
Third Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and U.S. Bank National Association, as successor Trustee (incorporated by reference to Exhibit 4.55 to Form 10-Q filed August 8, 2007).
|
4.6
|
Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 6, 2004).
|
4.7
|
First Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed October 6, 2004).
|
4.8
|
Second Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 6, 2004).
|
4.9
|
Third Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 6, 2004).
|
4.10
|
Fourth Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 6, 2004).
|
4.11
|
Fifth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed March 3, 2005).
|
4.12
|
Sixth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 3, 2005).
|
4.13
|
Seventh Supplemental Indenture, dated as of June 1, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.46 to Form 10-Q filed November 4, 2005).
|
4.14
|
Eighth Supplemental Indenture, dated as of July 18, 2006, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.15
|
Ninth Supplemental Indenture, dated as of May 24, 2007, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed May 24, 2007).
|
4.16
|
Tenth Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.54 to Form 10-Q filed August 8, 2007).
|
4.17
|
Eleventh Supplemental Indenture, dated as of September 4, 2007, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed September 5, 2007).
|
4.18
|
Twelfth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed April 3, 2008).
|
4.19
|
Thirteenth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.20
|
Fourteenth Supplemental Indenture, dated as of December 8, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed December 8, 2008).
|
4.21
|
Fifteenth Supplemental Indenture, dated as of June 10, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed June 10, 2009).
|
4.22
|
Sixteenth Supplemental Indenture, dated as of October 5, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.23
|
Seventeenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 28, 2009).
|
4.24
|
Eighteenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed October 28, 2009).
|
4.25
|
Nineteenth Supplemental Indenture, dated as of May 20, 2010, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 10-K filed May 20, 2010).
|
4.26
|
Global Note representing $350.0 million principal amount of 6.375% Series B Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.27
|
Global Note representing $499.2 million principal amount of 6.875% Series B Senior Notes due 2033 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 10-K filed March 31, 2003).
|
4.28
|
Global Notes representing $450.0 million principal amount of 7.50% Senior Notes due 2011 (incorporated by reference to Exhibit 4.1 to Form 8-K filed January 25, 2001).
|
4.29
|
Global Note representing $500.0 million principal amount of 4.00% Series B Senior Notes due 2007 with attached Guarantee (incorporated by reference to Exhibit 4.14 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.30
|
Global Note representing $500.0 million principal amount of 5.60% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.17 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.31
|
Global Note representing $150.0 million principal amount of 5.60% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.18 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.32
|
Global Note representing $350.0 million principal amount of 6.65% Series B Senior Notes due 2034 with attached Guarantee (incorporated by reference to Exhibit 4.19 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.33
|
Global Note representing $500.0 million principal amount of 4.625% Series B Senior Notes due 2009 with attached Guarantee (incorporated by reference to Exhibit 4.27 to Form 10-K filed March 15, 2005).
|
4.34
|
Global Note representing $250.0 million principal amount of 5.00% Series B Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.31 to Form 10-Q filed November 4, 2005).
|
4.35
|
Global Note representing $250.0 million principal amount of 5.75% Series B Senior Notes due 2035 with attached Guarantee (incorporated by reference to Exhibit 4.32 to Form 10-Q filed November 4, 2005).
|
4.36
|
Global Note representing $500.0 million principal amount of 4.95% Senior Notes due 2010 with attached Guarantee (incorporated by reference to Exhibit 4.47 to Form 10-Q filed November 4, 2005).
|
4.37
|
Form of Junior Subordinated Note, including Guarantee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.38
|
Global Note representing $800.0 million principal amount of 6.30% Senior Notes due 2017 with attached Guarantee (incorporated by reference to Exhibit 4.38 to Form 10-Q filed November 9, 2007).
|
4.39
|
Form of Global Note representing $400.0 million principal amount of 5.65% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed April 3, 2008).
|
4.40
|
Form of Global Note representing $700.0 million principal amount of 6.50% Senior Notes due 2019 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.41
|
Form of Global Note representing $500.0 million principal amount of 9.75% Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed December 8, 2008).
|
4.42
|
Form of Global Note representing $500.0 million principal amount of 4.60% Senior Notes due 2012 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed June 10, 2009).
|
4.43
|
Form of Global Note representing $500.0 million principal amount of 5.25% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.44
|
Form of Global Note representing $600.0 million principal amount of 6.125% Senior Notes due 2039 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.45
|
Form of Global Note representing $490.5 million principal amount of 7.625% Senior Notes due 2012 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 28, 2009).
|
4.46
|
Form of Global Note representing $182.6 million principal amount of 6.125% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 28, 2009).
|
4.47
|
Form of Global Note representing $237.6 million principal amount of 5.90% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 28, 2009).
|
4.48
|
Form of Global Note representing $349.7 million principal amount of 6.65% Senior Notes due 2018 with attached Guarantee (incorporated by reference to Exhibit 4.6 to Form 8-K filed October 28, 2009).
|
4.49
|
Form of Global Note representing $399.6 million principal amount of 7.55% Senior Notes due 2038 with attached Guarantee (incorporated by reference to Exhibit 4.7 to Form 8-K filed October 28, 2009).
|
4.50
|
Form of Global Note representing $285.8 million principal amount of 7.000% Junior Subordinated Notes due 2067 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 8-K filed October 28, 2009).
|
4.51
|
Form of Global Note representing $400.0 million principal amount of 3.70% Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.52
|
Form of Global Note representing $1.0 billion principal amount of 5.20% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.53
|
Form of Global Note representing $600.0 million principal amount of 6.45% Senior Notes due 2040 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.54
|
Replacement Capital Covenant, dated May 24, 2007, executed by Enterprise Products Operating L.P. and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.1 to Form 8-K filed May 24, 2007).
|
4.55
|
First Amendment to Replacement Capital Covenant dated August 25, 2006, executed by Enterprise Products Operating L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.2 to Form 8-K filed August 25, 2006).
|
4.56
|
Purchase Agreement, dated as of July 12, 2006 between Cerrito Gathering Company, Ltd., Cerrito Gas Marketing, Ltd., Encinal Gathering, Ltd., as Sellers, Lewis Energy Group, L.P. as Guarantor, and Enterprise Products Partners L.P., as Buyer (incorporated by reference to Exhibit 4.6 to Form 10-Q filed August 8, 2006).
|
4.57
|
Replacement Capital Covenant, dated October 27, 2009, among Enterprise Products Operating LLC and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 4.9 to Form 8-K filed October 28, 2009).
|
4.58
|
Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.2 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.59
|
First Supplemental Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.3 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.60
|
Second Supplemental Indenture, dated June 27, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Initial Subsidiary Guarantors, Val Verde Gas Gathering Company, L.P., as New Subsidiary Guarantor, and Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.6 to the Form 10-Q filed by TEPPCO Partners, L.P. on August 14, 2002).
|
4.61
|
Third Supplemental Indenture, dated January 20, 2003, by and among TEPPCO Partners, L.P. as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Jonah Gas Gathering Company and Val Verde Gas Gathering Company, L.P. as Subsidiary Guarantors, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.7 to the Form 10-K filed by TEPPCO Partners, L.P. on March 21, 2003).
|
4.62
|
Full Release of Guarantee, dated July 31, 2006, by Wachovia Bank, National Association, as Trustee, in favor of Jonah Gas Gathering Company (incorporated by reference to Exhibit 4.8 to the Form 10-Q filed by TEPPCO Partners, L.P. on November 7, 2006).
|
4.63
|
Fourth Supplemental Indenture, dated June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Val Verde Gas Gathering Company, L.P., TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.3 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.64
|
Fifth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.11 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.65
|
Sixth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.12 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.66
|
Seventh Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.13 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.67
|
Eighth Supplemental Indenture, dated October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.68
|
Full Release of Guarantee, dated November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.64 to Form 10-K filed on March 1, 2010).
|
4.69
|
Indenture, dated May 14, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 99.1 of the Form 8-K filed by TEPPCO Partners, L.P. on May 15, 2007).
|
4.70
|
First Supplemental Indenture, dated May 18, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on May 18, 2007).
|
4.71
|
Replacement of Capital Covenant, dated May 18, 2007, executed by TEPPCO Partners, L.P., TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P. in favor of the covered debt holders described therein (incorporated by reference to Exhibit 99.1 to the Form 8-K of TEPPCO Partners, L.P. on May 18, 2007).
|
4.72
|
Second Supplemental Indenture, dated as of June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Existing Subsidiary Guarantors, TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as New Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.73
|
Third Supplemental Indenture, dated as of October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.74
|
Full Release of Guarantee, dated as of November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.70 to Form 10-K filed on March 1, 2010).
|
10.1*** #
|
Amendment to Form of Option Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued before February 23, 2010.
|
10.2*** #
|
Amendment to Form of Option Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued before August 5, 2010.
|
10.3*** #
|
Form of Option Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan.
|
10.4*** #
|
Amendment to Form of Restricted Unit Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued before August 5, 2010.
|
10.5*** #
|
Form of Employee Restricted Unit Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan.
|
10.6***
|
Form of Option Grant Award under the Enterprise Products Company 2005 EPE Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to Form 10-Q filed by Enterprise GP Holdings L.P. on August 9, 2010).
|
10.7***
|
Form of Employee Restricted Unit Grant Award under the Enterprise Products Company 2005 EPE Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to Form 10-Q filed by Enterprise GP Holdings L.P. on August 9, 2010).
|
10.8***
|
Form of Phantom Unit Grant Award under the Enterprise Products Company 2005 EPE Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to Form 10-Q filed by Enterprise GP Holdings L.P. on August 9, 2010).
|
10.9*** #
|
Amendment to Form of Option Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan for awards issued before February 23, 2010.
|
10.10*** #
|
Amendment to Form of Option Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan for awards issued before August 5, 2010.
|
10.11*** #
|
Form of Option Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan.
|
10.12*** #
|
Amendment to Form of Restricted Unit Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan for awards issued before August 5, 2010.
|
10.13*** #
|
Form of Employee Restricted Unit Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan.
|
10.14***
|
Form of Option Grant Award under the 2010 Duncan Energy Partners L.P. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.14 to Form 10-Q filed by Duncan Energy Partners L.P. on August 9, 2010).
|
10.15***
|
Form of Employee Restricted Unit Grant Award under the 2010 Duncan Energy Partners L.P. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.15 to Form 10-Q filed by Duncan Energy Partners L.P. on August 9, 2010).
|
10.16
|
Second Amended and Restated Limited Liability Company Agreement of Acadian Gas, LLC, dated June 1, 2010 (incorporated by reference to Exhibit 10.01 to Form 8-K filed by Duncan Energy Partners L.P. on June 3, 2010).
|
10.17
|
Loan Agreement, dated June 1, 2010, between Enterprise Products Operating LLC, as lender, and Duncan Energy Partners L.P., as borrower (incorporated by reference to Exhibit 10.02 to Form 8-K filed by Duncan Energy Partners L.P. on June 3, 2010).
|
31.1#
|
Sarbanes-Oxley Section 302 certification of Michael A. Creel for Enterprise Products Partners L.P. for the June 30, 2010 quarterly report on Form 10-Q.
|
31.2#
|
Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Enterprise Products Partners L.P. for the June 30, 2010 quarterly report on Form 10-Q.
|
32.1#
|
Section 1350 certification of Michael A. Creel for the June 30, 2010 quarterly report on Form 10-Q.
|
32.2#
|
Section 1350 certification of W. Randall Fowler for the June 30, 2010 quarterly report on Form 10-Q.
|
101.CAL#
|
XBRL Calculation Linkbase Document
|
101.DEF#
|
XBRL Definition Linkbase Document
|
101.INS#
|
XBRL Instance Document
|
101.LAB#
|
XBRL Labels Linkbase Document
|
101.PRE#
|
XBRL Presentation Linkbase Document
|
101.SCH#
|
XBRL Schema Document
|
*
|
With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file numbers for Enterprise GP Holdings L.P, Duncan Energy Partners L.P., TEPPCO Partners, L.P. and TE Products Pipeline Company, LLC are 1-32610, 1-33266, 1-10403 and 1-13603, respectively.
|
***
|
Identifies management contract and compensatory plan arrangements.
|
#
|
Filed with this report.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
||||||
(A Delaware Limited Partnership)
|
||||||
By: Enterprise Products GP, LLC, as General Partner
|
||||||
By:
|
/s/ Michael J. Knesek
|
|||||
Name:
|
Michael J. Knesek
|
|||||
Title:
|
Senior Vice President, Controller
and Principal Accounting Officer
of the General Partner
|
Exhibit No.
|
Description
|
10.1
|
Amendment to Form of Option Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued before February 23, 2010.
|
10.2
|
Amendment to Form of Option Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued before August 5, 2010.
|
10.3
|
Form of Option Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan.
|
10.4
|
Amendment to Form of Restricted Unit Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued before August 5, 2010.
|
10.5
|
Form of Employee Restricted Unit Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan.
|
10.9
|
Amendment to Form of Option Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan for awards issued before February 23, 2010.
|
10.10
|
Amendment to Form of Option Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan for awards issued before August 5, 2010.
|
10.11
|
Form of Option Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan.
|
10.12
|
Amendment to Form of Restricted Unit Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan for awards issued before August 5, 2010.
|
10.13
|
Form of Employee Restricted Unit Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan.
|
31.1
|
Sarbanes-Oxley Section 302 certification of Michael A. Creel for Enterprise Products Partners L.P. for the June 30, 2010 quarterly report on Form 10-Q.
|
31.2
|
Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Enterprise Products Partners L.P. for the June 30, 2010 quarterly report on Form 10-Q.
|
32.1
|
Section 1350 certification of Michael A. Creel for the June 30, 2010 quarterly report on Form 10-Q.
|
32.2
|
Section 1350 certification of W. Randall Fowler for the June 30, 2010 quarterly report on Form 10-Q.
|
101.CAL
|
XBRL Calculation Linkbase Document
|
101.DEF
|
XBRL Definition Linkbase Document
|
101.INS
|
XBRL Instance Document
|
101.LAB
|
XBRL Labels Linkbase Document
|
101.PRE
|
XBRL Presentation Linkbase Document
|
101.SCH
|
XBRL Schema Document
|
Grant Number
|
Number of
Options
|
ENTERPRISE PRODUCTS COMPANY
(formerly EPCO, Inc.)
|
PARTICIPANT:
|
|||
|
||||
Signature
|
Signature
|
|||
Title:
|
Title:
|
|||
Date: February 23, 2010
|
Date:
|
Grant Number
|
Number of
Options
|
ENTERPRISE PRODUCTS COMPANY
(formerly EPCO, Inc.)
|
PARTICIPANT:
|
|||
|
||||
Signature
|
Signature
|
|||
Title:
|
Printed Name:
|
|||
Date: August 5, 2010
|
Date:
|
Date of Grant:
|
|
Name of Optionee:
|
|
Option Exercise Price per Common Unit:
|
|
Number of Options Granted
(One Option equals the Right to
Purchase One Common Unit):
|
|
Option Grant Number:
|
Enterprise Products Company
(formerly EPCO, Inc.)
|
|
|
|
Senior Vice President, Human Resources
|
Grant Number
|
Number of
Restricted Units
|
Vesting Dates:
|
Restricted Units Originally Granted
Under this Grant Being Vested:
|
[Description of Vesting Date(s)]
|
[Description of number of units being vested on Vesting Date(s)]
|
Grant Number
|
Number of
Options
|
ENTERPRISE PRODUCTS COMPANY
(formerly EPCO, Inc.)
|
PARTICIPANT:
|
|||
|
||||
Signature
|
Signature
|
|||
Title:
|
Title:
|
|||
Date: February 23, 2010
|
Date:
|
Grant Number
|
Number of
Options
|
Date of Grant:
|
|
Name of Optionee:
|
|
Option Exercise Price per Common Unit:
|
|
Number of Options Granted
(One Option equals the Right to
Purchase One Common Unit):
|
|
Option Grant Number:
|
Enterprise Products Company
(formerly EPCO, Inc.)
|
|
|
|
Senior Vice President, Human Resources
|
Grant Number
|
Number of
Restricted Units
|
Vesting Dates:
|
Restricted Units Originally Granted
Under this Grant Being Vested:
|
[Description of Vesting Date(s)]
|
[Description of number of units being vested on Vesting Date(s)]
|
Enterprise Products Company
(formerly EPCO, Inc.)
|
|
|
|
Senior Vice President, Human Resources
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Michael A. Creel
|
||
Name:
|
Michael A. Creel
|
|
Title:
|
Chief Executive Officer of Enterprise Products GP, LLC,
the General Partner of Enterprise Products Partners L.P.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ W. Randall Fowler
|
|||
Name:
|
W. Randall Fowler
|
||
Title:
|
Chief Financial Officer of Enterprise Products GP, LLC,
the General Partner of Enterprise Products Partners L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ Michael A. Creel
|
|
Name:
|
Michael A. Creel
|
Title:
|
Chief Executive Officer of Enterprise Products GP, LLC,
|
the General Partner of Enterprise Products Partners L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ W. Randall Fowler
|
|
Name:
|
W. Randall Fowler
|
Title:
|
Chief Financial Officer of Enterprise Products GP, LLC
|
the General Partner of Enterprise Products Partners L.P.
|